TEP - Three Findings

A big vision starts with a first step.City collaboration on innovation seems fairly routine by now, but it was not like that when we drafted the first vision paper in 2012. It seemed like quite a bold idea at that time. Today, collaboration is almost mandatory as the technological developments and new challenges cannot be solved alone. Six years later, any collaboration has to be specific, concrete and with a clear benefit — regardless of where the partners are in the world. The City is already a step further, and all major initiatives include international collaboration and ideas; many solutions are in fact provided by international companies like the recent Local Climate Action Tech Competition won by the Berlin-based company Ubricity.Challenges may even get biggerCollaboration seems mandatory. Why does it even matter and for whom? One European TEP speaker, who is not authorized to speak publicly, compared the overall resources invested in data-related services globally and concluded: “I hope Europe will catch up.” The little things we can do to support on a City level, we will do, and then we will organize an inaugural data, AI and blockchain challenge tour to Europe next year, designed especially for NYC startups. A multi-stakeholder collaboration is one important way to address the challenges.The Ecosystem has matured significantly — globallyRemember the days when you had to show 36 months of rent in your bank account to secure an office lease? Or when City officials hesitantly were asking about the difference between a VC and a CV? These times are long gone, and startups can focus on the real thing: building great businesses — which is challenging enough. Even a NYC unicorn and longtime TEP friend agrees: “It’s always challenging, the challenges are just different.” Venture capitalist David Teten put together the reasons why U.S. firms increasingly invest in international founders. While it is still hard to be successful, you have a fair shoot in NYC.