5 Tips for Founding a Tech Startup in NYC

Last week at Internet Week 2015, New York celebrated the effect of technology and the Internet on business and beyond.Fast-paced New York can be daunting for newcomers (in any industry, but especially tech), and on Thursday, four seasoned NYC-based entrepreneurs shared their advice for newbie entrepreneurs entering the New York tech startup world. Founders and founders-to-be, take note![su_box title="Panelists" radius="1"]Steve Martocci, Co-Founder, Splice; Co-Founder, GroupMe
Sam Kassoumeh, COO & Co-Founder of SecurityScorecardChristina Wallace, Founder, BridgeUp: STEMModerator: Dan Maccarone, Co-founder, Hard Candy Shell; Co-Founder, CharmingRobot[/su_box]1. Be aware of the challenges (and advantages) of starting in NYCWhen an audience member asked the panelists about the challenges specific to starting in New York, the immediate answer was: rent. New York is notoriously expensive to live in - especially when all your resources are going towards launching a business.Sam lamented that too often founders quit their day jobs convinced they’ll get funding, only to find that they can’t pay rent a few months down the road. If you’re going to start in New York, you might need to get used to working long and odd hours at both your 9-5 and then afterwards in front of your laptop.The benefits outweigh the negatives though, with the panelists stressing that the strong community support and diverse industry scene make New York the ideal place to start up. One resource Christina mentioned was Steve Schlafman of RRE Venture’s Introduction to the NYC Tech Community, and though now a year and a half old (ancient in the fast-moving tech world), much of the information is still relevant and helpful, like overviews of the Silicon Alley landscape and a list of co-working spaces.2. Make friends – both in and outside of the tech communityStart amassing all of your friends if you’re thinking of launching a startup. As Steve pointed out, it’s a lot easier to work with people you already know and get along with than trying to recruit someone. If you don’t have any developer, recruiter, or especially lawyer friends – make them.Though this may seem like a daunting task in the Big Apple, by attending specialty meetups you’ll quickly get connected with the right people in the scene (which will be important for #3 on this list).And while you’ll want to be immersed in the startup world, don’t limit yourself to only that universe. “The fact that tech isn’t the only thing in NYC is a huge benefit to starting here,” said Christina, highlighting the importance of testing out your ideas on people outside of the “self-affirming tech bubble.”3. Having a co-founder is invaluable Again and again the four panelists emphasized the merits of having a co-founder not only to share the work, but the emotional stress of starting a business. Just make sure it’s someone you really get along with and trust. “I speak to my co-founder more than I speak to my wife sometimes!” Steve laughed. On the business side of things, he continued, “Look for someone that has the drive, ability to fill the holes in the company, and you can get along with. Bad co-founder decisions can ruin a company.”Christina and Sam agreed, saying they wouldn’t start a business without a co-founder, especially someone with strong technical skills. Don’t worry though if you or your partner aren’t top notch coders as that might not be necessary either.4. Listen to criticism, but don’t forget your vision Sam spoke strongly about seeking out feedback, at every stage, especially from investors.But, as Christina pointed out, sometimes it’s equally important to learn how to ignore criticism from people outside of your target market or audience, staying true to your own vision. “Always ask yourself, what is the problem that we’re trying to solve?” She suggested. If the criticism you’re receiving isn’t relevant to that problem, it might not be something you need to listen to.“Don’t forget who you are,” Steve agreed.5. Make it happen – actions speak louder than wordsFinally, all of the panelists spoke about being frustrated with encountering aspiring entrepreneurs that talk the talk but don’t walk the walk. Ideas are great, but to be taken seriously, you need to be able to show tangible evidence that you – at least somewhat – know what you’re doing.Which brings us to some ending words of wisdom from Steve:“Get out there and do something terrible and don’t be afraid to do it.”