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NYC: A Natural Home for European Entrepreneurs

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Presentation for the inaugural NYC European Tech meetup on August 27, 2014. Examines the current state of European startups in New York. Makes the (fairly obvious) case that New York is a very natural landing spot for European tech entrepreneurs.

Published in: Technology

NYC: A Natural Home for European Entrepreneurs

  1. 1. New York: A Natural Home for European Entrepreneurs Matt Turck Managing Director FirstMark Capital August 27, 2014
  2. 2. About Me Matt Turck Twitter: @mattturck Blog: www.mattturck.com 2
  3. 3. When you think of Europeans in NYC, you may be thinking of this… 3
  4. 4. …or this… 4
  5. 5. …or this. 5
  6. 6. Where you might think Europeans work in NYC 6
  7. 7. True, but increasingly: this. 7
  8. 8. Turns out there’s very little difference between an American geek… 8
  9. 9. …and a European geek 9
  10. 10. Europeans are a key part of NYC’s tech ecosystem 10 Media E-Commerce Consumer Hardware Big Data FinTech Ad/Marketing Health Enterprise Note: The above companies have at least one European co-founder and have either their HQ or their US HQ in NYC. NOT A FULL LIST!
  11. 11. Founders come from all over Europe 11 United Kingdom Ireland Belgium France Estonia Iceland Spain Sweden Italy / Malta Armenia Netherlands Poland Norway Portugal Germany Denmark Note: The above companies have at least one European co-founder and have either their HQ or their US HQ in NYC. NOT A FULL LIST!
  12. 12. They come to NYC via different paths 1.Founded in NYC 2.Founded in Europe and grown in NYC 3.Founded and grown in Europe then grown in NYC 4.European company with NYC presence 12
  13. 13. •Immediately recognizes potential of launching company in NYC –European already living in NYC –Moves to NYC pre-launch •Builds, grows, and scales company in NYC –Often works with NYC accelerators, incubators •Example success stories Path 1: Founded in NYC 13
  14. 14. •Company founded in Europe •Quickly realizes that needs to engage US market to grow and achieve scale –Often pre-funding or series seed •Opens NYC headquarters to lead US growth and scaling operations •Example success stories Path 2: Founded in Europe and grown in NYC 14
  15. 15. •Company founded in Europe and begins to grow and scale –Often has received series seed / A funding from European investors •Gains traction in European market but recognizes that needs to directly target US to achieve full scale •Opens NYC office to lead US effort •Example success stories Path 3: Founded and grown in Europe then grown in NYC 15
  16. 16. •Company founded, grown, and scaled in Europe •Opens NYC base for more efficient US customer base expansion •Migrates mission-specific team and / or hires local talent •Example success stories Path 4: European company with NYC presence 16
  17. 17. Many NYC VCs invest in or have backgrounds in European tech 17 Investors with a European background Matt Turck FirstMark Capital Albert Wenger Union Square Ventures Eric Hippeau LererHippeau Ventures UrsCete BDMI John Borthwick betaworks Andrew Cleland Comcast Ventures John Frankel ffVenture Capital
  18. 18. NYC VCs invest in Europe 18
  19. 19. European VCs invest in NYC 19
  20. 20. •Accelerators and incubators introduce European entrepreneurs to the NYC tech ecosystem •Many events focused on European startups –VentureOutItaly –VentureOutUK –Hackers & Hefeweizens –Swiss Tech Night –The French (tech) Connection –Nordic High Tech & Design –Startups & Meatballs •TechstarsNYC success stories Incubators and accelerators have been a launch pad for European startups in NYC 20
  21. 21. •Several government organizations in place to support European startups •Various initiatives to encourage international entrepreneurship –World to NYC, Berlin to NYC, NYC Venture Fellows, NYC Next Idea Government and community organizations provide a strong support network 21 •Strong support network within the European NYC tech community •Various meetupsand community organizations to connect and engage European entrepreneurs
  22. 22. NYC is a natural home for European startups •Our Top 10 Countdown: 22
  23. 23. Reason #10 •Better time zone difference (compared to Bay Area) 23
  24. 24. Reason #9 •Shorter/cheaper flight 24
  25. 25. Reason #8 •NYC has a tightly knit and highly supportive startup community 25 Hardwired NYC Data Driven NYC NY Tech Meetup
  26. 26. Reason #7 •Plenty of talent (tech + design), comparatively less competition 26
  27. 27. Reason #6 •B2B: NYC is home to many potential business customers (capital of finance, fashion, media, advertising, food, etc.) 27
  28. 28. Reason #5 •B2C: as the densest, most populated city in the US, NYC provides an ideal diverse customer base for consumer-focused startups 28
  29. 29. Reason #4 •Plenty of investors! 29
  30. 30. Reason #3 •Hard to feel homesick 30
  31. 31. Reason #2 •NYC is all around awesome 31
  32. 32. Reason #1 •And, did we mention… great parties?! 32
  33. 33. Here’s to the future… •Rapid development over the past couple of years; only increasing in velocity •Many exciting companies to follow and encourage: stake claim in the NYC tech ecosystem 33

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