Since moving to New York from London in 1990, I have become a firm convert to the idea that New York is the center of the universe. London, Paris, Berlin, Mumbai are all pretty great, but if you like cities, New York is it. So it has always been a source of frustration for me - and other New Yorkers - that our great city is such a slouch when it comes to high tech startups compared to boring suburbs like San Jose and Palo Alto, and even provincial towns such as Boston and Austin. Well, I finally figured out the problem. It's called Wall Street.
Sure, Wall Street is what makes New York great, or at least rich. So why is it the problem? Two reasons. First, Wall Street absorbs too much of the talent. Second, Wall Street generates a short term "in a New York minute" mindset.
Would you like to comment?
Join Diigo for a free account, or sign in if you are already a member.