It’s been a heck of a 10-year run. For those of us who can remember that far, if we look back to 2009, it was dark times for tech in NYC and beyond. Numerous sources were willing to ring the death knell of the VC industry. Dan Primack covered a list of “Walking Dead” firms that operated without having the capital to make new investments. A recap from the Wall Street Journal reporting that overall VC fundraising in 2009 fell 54.6% was somberly titled “The Great Venture Capital Fund-Raising Slump of 2009.” Even the legendary Bill Gurley addressed the shaky state of the industry with a deep dive into the effects of shifting institutional capital asset allocation strategy.
Here in New York, we had ample reason to be very worried. Our city’s most important industry was in full crisis, and for those of us who’d been in the tech community here for a while, we couldn’t help but recall how the bursting of the internet bubble and then the 9/11 economic shock had destroyed Silicon Alley v1.0 and sent us into a lost half-decade. So as the financial crisis lingered through the dawn of this new decade, the question remained whether New York had come far enough as an ecosystem to withstand the blow. 10 years later we can say emphatically, enthusiastically, and definitively, yes, it has.
For insight into how far we’ve come, look no further than the infographic we assembled below. With fund capital raised in New York up 511% from 2009, average venture financings upsized by many multiples and exits abundant like never before, the past decade has been kind to tech and venture in New York. Regardless of what 2020 brings, we’re ready to tackle it head-on. To all our friends in this incredible community, thank you for supporting and being on this journey with us, and we look forward to continuing to bring our A-game to partner with you throughout the coming decade and beyond.
