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Do we really need to see these 'This is why NYC is awesome for startups' posts every week? I mean I'm getting sick of these and I live here. I can only imagine how non-New Yorkers feel about them.
Do we really need to see these 'This is why NYC is awesome for startups' posts every week? I mean I'm getting sick of these and I live here. I can only imagine how non-New Yorkers feel about them.
Living in Seattle was the same thing. Tons of people who had a chip on their shoulders about the Bay Areas's startup scene. It was a constant onslaught of locals trying to prove that Seattle's was just as vibrant.
I just don't care anymore.
Earlier quoted context omitted.
There's some truth to this, but it's probably overstated. Almost all of the smart people on Wall Street are quants and, except in large-scale layoffs, they aren't likely to be let go. Also, the deciding factor regarding whether New York can become an innovation/startup hub will be if the rents come down fast enough. So far, signals are mixed but more negative.
There are a ton of smart people on Wall St who aren't quants. And I personally know startups being started because of exactly what the parent said. Incidentally based on my experience of NY, a seldom noticed major drag on startups is that by default if you create a startup while working for someone else, your employer can declare it a work for hire and just take all of the associated intellectual property. (Said defa…
I'm including the smart traders who aren't considered quants now but would have been classified as quants 5 years ago.
How many startups never happen because people have been burned by this, or know people who have been burned by this?
I haven't heard of it, but it may happen.
Earlier quoted context omitted.
There's some truth to this, but it's probably overstated. Almost all of the smart people on Wall Street are quants and, except in large-scale layoffs, they aren't likely to be let go. Also, the deciding factor regarding whether New York can become an innovation/startup hub will be if the rents come down fast enough. So far, signals are mixed but more negative.
Agreed - likely not any one thing, but a combination of several trends. Quants are smart, but not necessarily in a startup way - they could definitely be on the startup team (build the product, crunch the data, etc.), but might not be the best fit as a founder (obviously this is a sweeping generalization, but so was your "almost all of the smart people on Wall Street are quants") There are plenty of other smart peopl…
First of all, I think our financial crisis/recession is doomed to have a "W" shape. We're going to dip again; it's unclear when. This is because, despite the bailout, there hasn't been any material change in the workings of Wall Street; we've merely reduced the number of players.
Wall Street salaries will always be high relative to other industries, but what will change post-crash (the upcoming one) is that the industry will employ fewer people. We'll have as many if not more billionares made by hedge funds, but the number of players is going to drop considerably, and Wall Street will no longer be able to singularly support the Manhattan economy (and no industries other than finance and "biglaw", whose clients are mostly Wall Street firms, pay sufficiently to support these prices). This will be good for New York's diversity and character; bad for real estate prices. But it could easily take 5-10 years before RE prices revert to a reasonable level. In that time, the talent will have moved elsewhere.