The State of NYC Investing

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A story of why a Boston-based VC moved with his wife and dog to NYC

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The State of NYC Investing

  1. 1. The State of NYC Investing A story of why a Boston-based VC moved with his wife and dog to NYC
  2. 2. I’m MattI’m Matt
  3. 3. I’m a Principal at Flybridge Capital Partners
  4. 4. This is my wife and our lovechild, The Beast
  5. 5. We met in Boston (at a bar … without The Beast)
  6. 6. Bought a home in Boston
  7. 7. And are Red Sox fans
  8. 8. But as of two months ago, we’re NYers (The Beast included)
  9. 9. WHY?
  10. 10. Hint… It’s not because of your baseball team Which finished the season the same as Boston: as NOT World Series Champs
  11. 11. First, some data…
  12. 12. Confession: to say I’ve only recently become aNYer isn’t totally true
  13. 13. I was what I like to call a“bridge and tunnel investor” for 2 years
  14. 14. Bridge and tunnel investor (n) /ˈbrij əәn(d) ˈtəә-nəәl in-ˈvest-or /An investor who parachutes in from a remote office to spend a few days a month in NYC but lives elsewhereNote: the number of b&t investors has increased dramatically over the past 12 months
  15. 15. I was b&ting for two years because NYC wasrepresenting a larger number of deals for both Me and The Firm Number of NYC Companies Number of NYC Companies Evaluated by Year Evaluated by Year 2009 2010 2011 2012E 2009 2010 2011 2012E
  16. 16. So in the spring of this year ourteam sat down, reviewed thedata and I committed to moveto NYC
  17. 17. But not because of your shitty sports teams
  18. 18. So…WHY?
  19. 19. Four keyobservations
  20. 20. 1: Strong and welcoming entrepreneurial community
  21. 21. 2: Large, West Coast based technology companies aresetting up shops here
  22. 22. 3: NY has technology leaders in a wide variety of verticals
  23. 23. 3: NY has technology leaders in a wide variety of verticals
  24. 24. 4: The is broad macro support for the entrepreneurialcommunity in NYC
  25. 25. These suggest to me that techin NYC is real and here to stay
  26. 26. So my wife, The Beast and I turnedour backs on Boston to move to NYC
  27. 27. …even though the Yankees suck
  28. 28. Don’t get me wrong,there are still risks
  29. 29. There’s a mismatch in the number of seed funds andthe number of series-A+ funds that is not sustainableSeed/Angel funds with Seed to scale funds withfulltime people in NYC fulltime people in NYC
  30. 30. The NYC exit environment gets knocked
  31. 31. There is a greater number ofexperienced engineers in SF
  32. 32. Valuations have grownwith the increasedattention
  33. 33. But these won’t holdus back because we’re NYers
  34. 34. And I’m proud to beone of you
  35. 35. The End Questions?matt@flybridge.com

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