Two Ideas for the NY Startup Scene
June 11th, 2008 | By PatrickTonight, I attended the second meeting of the Columbia Venture Community. As I wrote in my original post about the group, CVC is exactly the type of group that Columbia needs. In fact, it’s actually only part of what Columbia and the greater New York City startup scene needs.
Now, I’ve never lived or worked in Silicon Valley, but I’ve heard about it. I’ve heard that students are encouraged to pursue entrepreneurship. I know that they have startup career fairs. What I knew about the NY startup scene during college was this: nothing.
So, here are my two ideas for how Silicon Alley can change that:
1. Silicon Alley needs to go to school
At the CVC event tonight, I heard and participated in several conversations that went like this:
- “I had no idea there were startups in NYC when I was in school.”
- “Are there companies that come to campus that aren’t investment banks or consulting firms?”
- “Why doesn’t anyone just go recruit from SEAS (Columbia’s School of Engineering and Applied Sciences)?”
Great question. I graduated from SEAS in 2006. While there, I had no idea that NYC had even a single startup. I knew exactly who McKinsey, BCG, Booz Allen, Deloitte, UBS, Citibank, and Goldman Sachs were, or rather, after going to Columbia I knew who these firms were. I couldn’t agree more with Ari Greenberg of Baveo when he says that, “before I came to Columbia. I didn’t even know what the hell an investment bank or consulting firm was.”
I get the impression that Silicon Valley really cultivates the relationship with the young talent coming out of its area’s schools. I remember reading an article from Hacker News that said that many of UC Berkeley’s CS majors had multiple job offers.
Just before today’s CVC event, I ran into a recently graduated CS major who lived on my floor when I was a freshman RA (don’t ask). What’s he up to these days? He’s looking for a job. Looking for a job??!! Are you crazy?
Do you know how many times I’ve been at tech events lately where someone announces they’re hiring? This always strikes me as amazing. You’re looking to hire someone at an event full of people already working for startups or people planning to start their own? Really? Is there no better place to ask that question?
Silicon Alley should be hammering on Columbia and NYU’s doors. What more could a startup ask for than a recent graduate with lots of energy, the willingness to learn, and tons of time on their hands? Sure, it takes a leap of faith to recruit entry level developers from college, but it sure beats standing in a conference room while holding a “Looking for Developers” sign over your head.
The message to Silicon Alley is simple. Students have no idea that you exist because, well, you’re not hiring them!
2. Silicon Alley needs to be the most popular kid in school
I think this would be pretty easily attained by Silicon Alley once they start reaching into the area’s universities. How many college students really dream about donning that suit and tie when they graduate, anyways?
The area needs more buzz. It needs to create this buzz by looking outside its IAC walls. It needs success stories that people know about and hear about. Students shouldn’t find out about the Silicon Alley startup scene two years after graduation. They should be dreaming about being a part of it from the moment they step on campus. They’ll see startups, join startups, and think, “Hey, I can start one of these on my own.”
All of a sudden, that CS major becomes more attractive. You don’t need to move across the country. You don’t need to squeeze in that economics minor to make yourself more attractive to the McKinseys and Booz Allens (not that I’m advocating being one dimensional). Awareness will build on campus. Students will start telling stories about those firms that are dishing out free lunch and that let you wear jeans to work.
I can just imagine the career fair now. Imagine a table for Meetup right next to the table for JP Morgan Chase. How many engineers would choose writing back end financial software over working on a hot web product?
As Mark Davis said at today’s CVC event, “Columbia has a lot of people interested in entrepreneurship, but there’s not a lot of community.” The community has to come both from the universities and industry.
Columbia is starting to get it’s act together. Your move, Silicon Alley.
June 11th, 2008 at 10:05 am
Have you seen the quality of most CS/SE/IT graduates recently? Those that are sound of theory tend to have zero practical experience — even those with co-op backgrounds. It takes time to mature these students, and many of them are a lost cause. Add in the trend in tech towards 18 months between job hops, and suddenly the 8-12 months you just spent seasoning a student are out the window after a mere 6 months of returns on your investment.
You say you’ve “read” about how different it is in Silicon Valley … I’d like to hear from someone who actually has the personal experience to validate or refute that.
That said, if you pay attention to any of the NYC vs. Boston vs. Valley VC discussions or arguments, you’ll also recognize that the entire startup and biz scene is different between East and West, not just the relationship that scene has with its local collegiate crowd.
June 12th, 2008 at 1:29 am
Andrew,
First, thanks for the comment! This is the first real bit of dialog I’ve seen on this blog. If I made any money off of this, I’d give you a prize. Alas, I don’t, so on with my reply…
I honestly don’t think anything you’ve said refutes what I’m saying. I think your first point gets exactly to the problem — you’ve already discounted every single student coming out of university. There’s no way every student coming out of NYC schools has zero practical experience or needs the 8-12 months you stated, especially at Columbia. Never mind CS students, I know Mech E and Electrical E students who create websites in their spare time. You don’t want these kids either, the ones who do this for fun?
As for the Silicon Valley comment — I hyperlinked to the Startup Job Fair as just one example. I don’t think I need to be in SV to figure out that it’s better integrated with its universities. No one that I’ve graduated with from Columbia knew that the startup scene existed, and I’m talking about friends of mine that would kill to work for startups and are only finding them now. I’ve heard all about SV, and it’s on the other side of the country, not the other side of Manhattan. That’s a problem.
Finally, I do recognize that the entire startup scene is different from East and West. Again, that’s the point! Let’s start stealing the West’s best traits. The Silicon Alley scene will never be sustainable if it can’t tap the talent several blocks down the road.
Thanks again for the comment.
June 12th, 2008 at 8:57 pm
I’m not discounting every student — not by any means. I myself was working for IBM at the age of 19. What I _am_ saying is that the investment in time you’re suggesting probably won’t result in a proportionate return. Those students who are worth their salt tend to be so because they’re self-motivated, sharp people. That same kind of person has no difficulty in today’s market in finding a job.
There are plenty of people in NYC schools, and at RPI here in Albany, that also have plenty of job offers by or before graduation. That person you mention who’s hunting clearly lacks something. Perhaps it’s self-motivation. Perhaps it’s skill in their field. Perhaps it’s time management and prioritization skills. Perhaps it’s people skills. Who knows. In the end, worthwhile people always find jobs, and always have their pick.
Not to say there isn’t SOME value to Silicon Alley enhancing its relationship with NYS acadaemia … but they don’t need to be “the most popular kid in school.” That kind of investment just doesn’t return well … and VCs look for 3x-5x minimum return, dontcha know?