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Low Initial Costs Feed Silicon Alley's Success
Technology entrepreneurs and venture capitalists in New York City are not being phased as much by the meltdown on Wall Street because the lessons of the earlier dot com crash and advancements within technology are allowing companies to start up with significantly less funding. A decade ago, $3 - $4 million might have been needed to start an online business whereas now, just $400,000 - $800,000 might be enough to get your business off the ground.
Still, investors are urging business-owners to be wise with the money they receive and spend. According to the Dow Jones VentureSource, investment in 3Q of this year is down 7% from last year and is being distributed among 20% fewer companies.
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