11 VCs Share Optimistic Views about New York Startups’ Future
Although New York City was one of the most affected places in the COVID-19 pandemic, a number of venture capitalists remained optimistic about the future of New York-based startups, according to TechCrunch.
“New York simply has too much to offer, from its richly diverse population, cultural significance and vast collection of industries to lose its entrepreneurial spirit,” said David Levinson, AF Ventures’ vice president.
TechCrunch interviewed 11 specialists about their points of both the short-term and long-term future of New York startups as well as industries that are likely to do well in the pandemic.
Jessica Lin, the general partner of Work-Bench, said that “we continue to be extremely bullish on investments in enterprise tech in NYC with over 70% of the firm’s portfolio is based in the city. Since 2014, there has been over $10 billion of venture funding towards enterprise startups alone, and that number is only growing.”
According to Lin, transitioning at-home was easier for enterprise startups than “other industries with higher in-person demands.”
With more than 250 people attending Work-Bench’s monthly NY Enterprise Tech Meetup, Lin believed that “NYC enterprise ecosystem will adapt and ultimately come out stronger.”
Lin also pointed out several businesses that will do uniquely well in the pandemic, including FireHydrant, Spring Health, Catalyst, and Arthur.
Alexa von Tobel, the founder and managing partner of Inspired Capital, shared similar points, saying, “we’ve seen our portfolio companies stay nimble. … All NY startups will need to figure out how to keep making progress with teams that are staying at home.”
“I’ve seen NYC grow into the powerful startup hub it’s become over the last decade, and I think that momentum will continue,” said Tobel.
Lerer Hippeau’s managing partner Eric Hippeau said that “New York is resilient and will come back stronger than ever, but it will take some time.”
“Remote working is a trend that will continue to be integrated into every business as appropriate once offices begin to reopen,” said Hippeau. “New York excels at software, so we expect to see innovation in remote working, learning and healthcare software continue to accelerate.”
Hippeau expects that healthcare technology and telemedicine, on-demand fitness, and remote working and learning software are likely to flourish after the pandemic.