sponsored by the Made in NY Media Center by IFP
“From 2007 to 2011 high tech startups in NYC grew by 32% during a severe economic recession when other regions experienced sharp declines” says a study published by PricewaterhouseCoopers and the National Venture Capital Association.
The Made in NY Media Center by IFP offers 1 month free to all members joining by January 31, 2015
The proliferation of tech startups in New York continued well after 2011, largely due to the availability and access to angels and seed funds, as well as the ability to bring and retain talent to an attractive location such as New York City. A study driven by the Cornell Center for the Study of Economy and Society assembled a map showing the unbelievable density of NYC start-ups, with a focus on Manhattan – click here to see the map. Since then (2012), this already crowded space has became even more crowded.
A good part of the NY-based high tech start-ups are active in the digital advertising space. The reasons for that are multiple, though they eventually boil down to the ever-increasing need to improve campaign performance and optimize budgets across all types of media buys.
One would think that, with such a strong demand for high performance advertising, startups catering to the digital media industry would have it relatively easy. It turns out that’s not quite the case. In the past few days I spoke informally to eleven ad tech entrepreneurs involved in various capacities in early-stage start-ups located in New York. I asked them to name the first three challenges that come to mind in regard to setting base in NYC.
The answers came, with some folks (you know who you are!) citing “the polar vortex” and “insufficient supply of quality cronuts” as terrible things indeed. While I agree that nothing should stay between a founder and his daily fix of doughy goodness, I expected that the “serious” answers would eventually align to the main reasons why New York is ranked the 2nd worst state for business in 2014: taxation and regulations, workforce quality, and living environment.
While these factors were mentioned in some way or another by most respondents, 9 out of 11 brought up the issue of working space and adequate facilities. Ad tech start-ups are typically small in terms of team size and space required, as they don’t have physical products to create and ship. They primarily operate on B2B markets and rarely address consumers directly. It appears to be quite difficult to find suitable, affordable space for incumbent startups and small teams, in a good location, with adequate facilities to serve media projects and companies.
The Made in NY Media Center by IFP is actively trying to address the very issues mentioned above, and, based on feedback from current residents, is doing a great job. Designed by MESH Architects, it is a multi-disciplinary creative space with over 20,000 square feet located at 30 John Street in Dumbo, Brooklyn. In their own words, “DUMBO has long been home to individuals and companies with equal parts creativity and business acumen. The combined density and diversity of the neighborhood, and New York City as a whole, allows us to tap into an abundant wealth of knowledge and industry – from Madison Avenue to Wall Street and the Tech Triangle to independent content creators all over our bustling city.”
I’ve asked my entrepreneur friends one last thing: “What is your current toughest challenge you wish you’d get help with?” The answers, coming from founders at almost all stages of development, could be combined into a resounding “access to VCs and potential partners”. Addressing this core need – and proving that the Media Center is truly set to serve entrepreneurs – is the incubator level of membership that gives business access to much more than mere co-working spaces. These resources include:
– Demo Day (the flagship Incubator program) providing members with the opportunity to present their Company or Project to a curated audience of VCs, entrepreneurs, creative directors, brands, potential partners, and clients;
– Dedicated business development support covering strategic consultations and curated introductions;
– Experts-in-residence who provide 1-to-1 counsel and hold legal, accounting, and PR clinics;
– Mentorship programs through which businesses can gain access to bespoke mentors.
In addition to providing co-working spaces, the Media Center features classrooms, conference rooms, a library, a state-of-the-art 72-seat theater, a media arts gallery, and a café.
To help tech entrepreneurs start 2015 in an adequate space, the Made in NY Media Center by IFP is currently offering a free month for members who join by January 31st, 2015. Afterwards, the four tiers of membership are priced from $150 monthly to $12,000 yearly, tailored to a project or company’s actual needs.
Please click here to learn more about the membership levels, take a virtual tour of the place, and claim your free month when joining.
