Entrepreneurship

NYC Investors Turbo Charge Local Startups

Read more at www.wsj.com

Last year, after the pandemic hit, New York City’s startup scene went quiet—for about a month. Then it went into overdrive. In 2020, local startup funding broke records. Depending on which report you read, investors injected between $12 billion and $20 billion into area startup companies.

So what’s getting funded in New York these days? Better to ask what isn’t getting funded. Among the rounds that closed in 2020: $47 million for a hair-loss-prevention service, $9 million for a company making human-grade cat food, $6.25 million for a podcast company focusing on romantic comedies and $150,000 for a maker of bathroom-cleaning robots.

And thanks to a big wave of IPOs and acquisitions, local venture capitalists and angel investors are swimming in cash and likely to continue the funding frenzy this year.

So here’s what I’m wondering: How can I get me some of that loot?

I asked industry insiders for tips. The good news: You don’t need to be a tech type, it seems, to impress a New York City VC. While the San Francisco Bay Area startup scene is dominated by nerds, startup founders in New York look a lot like, well, the rest of us. The people who get funding here often are escapees from industries such as finance, real estate, health care and retail.

Read more at www.wsj.com

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