On the difference between the East Coast and West Coast:
David Aronoff: “New York is inherently more conservative than the West Coast. The West Coast investors want to hear about markets that don’t exist, not markets that do exist. In NY they ask, ‘what market are you going after and how big is it?’ New York is good at the app layer, financial services and Big Data. They take a few years to develop. New York is here. New York has the fastest growth rate, second only to Silicon Valley. It won’t be long before we have $10 billion exits, then $20 billion.
We need to stop being apologists. We shouldn’t always be compared to the West Coast. “
Stuart Ellman: “In 2007, there were a lot of skeptics. It took a lot of convincing to get people to invest. In 2011, there was more interest. Now, it’s not a question.
Ten years ago, if you were a great entrepreneur, you needed to be in Silicon Valley. Over the last ten year, (a lot has come out of the New York) primordial soup. To me, Chicago should have a vibrant startup community. Netscape came out of the University of Illinois. Atlanta should have a vibrant startup community. But they don’t: it’s New York, Silicon Valley and Boston…
David Aronoff: “The X Factor in New York is the community.”