Beginning in the early 2010s, hundreds of techies packed NYU's Skirball Center each month for the New York Tech Meetup. During the event, local developers present their latest products. And depending on the forum, you might see new dating sites, funny weather bots, or Foursquare network plugins that keep you busy while you're doing nothing.
The meeting had only one rule: display technology. Anyone with a long introduction to their "go to demo!" He made fun of her. Founders who talked about their venture capital funding were harassed. Technology was perceived to be useful, fun and motivating for the facility. How you make money was secondary.
The obsession with demos was normal in the early 2010s when the tech industry was much smaller. At that time, people tended to use desktop computers instead of mobile devices. Economics students prefer to work in banks. Google's market capitalization was less than $200 billion. Hoodies, not suits, dominate the industry.
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However, things have changed as the technology's commercial potential has grown. Unveiled by the financial crisis, bankers and financial professionals are trying to reinvent themselves in the technology sector. When developers retire, they become CEOs and COOs. New York's tech meetup is starting to bring more people from finance to the stage. They talked about their finances. I blocked it.
After the government bailed out Silicon Valley bank savers last weekend, many in the industry were surprised by the strong public reaction. Banking companies, including SVB, will use their money to pay workers and support economic growth, but a segment of the public still opposes the bailout, seeing it as a multimillion-dollar bailout.
"The main lesson I learned from SVB is that very few [people] fund startups from a technical perspective rather than civic vulnerability," tweeted Luke, an engineer at Metro Anduril.
The change in perception was significant – it almost paralyzed management – and at least partly related to the changes observed in this meeting.
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Funding for technology was needed one way or another. As computers have become ubiquitous, especially with the advent of smartphones, market opportunities for technology products have exploded. Right now requires financial discipline, planning and — yes — venture capital financing Financiers quickly pushed the tech industry into an economic tailspin.
But then the tech sector, or at least parts of it, became overfunded. Instead of thinking about what problems they can solve for people, some companies are focused only on growth and margins. They worked in mines, not demo days like startups. For example, DoorDash calculates tips for minimum payments to delivery drivers and changes them after just one push And as it happens, venture capitalists — not manufacturers — have become the most recognizable names in technology
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Many people who have worked for these companies or know someone in their life have felt the impact of this over-funding. Companies' efforts to keep some extra cash in their budgets come at a price, though it's not obvious. When it comes time to bail out tech companies, some prefer to burn down the system and keep it. At a crucial moment, political consensus has become difficult to reach. As Mike Solana, one of the fund's co-founders, said, "If there's one thing I've learned over the past few days, it's that technology is a 'lover' that has no political side."
In a busy weekend, the tech sector won the White House and got a bailout. This step makes sense. But it was a learning struggle. Tech startups have pushed themselves to the brink through no fault of their own. Now that he's been brought back to life, it's time to get back to the demo.
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