@SUB ‘Any Film Any Language ‘sa 72" 8 seats ow Yr Now Yet 14 USA su {oyna Foc oto 9644 mal chanaaseSVBcom Wate ie tSUBcom Pre ‘echnology Business Sector in ‘New York City - Jointly with the Committee on Technology in ‘Government Testimony by Michael L Smolens, Founder & CEO dotSUB LLC ‘December 16, 2009 10:00 New York City is the world's leading finance, media & advertising capital, home to the most culturally diverse residents & visitors, and the most visited tourist destination in the US. However, it has yet to give birth to the most recognized names in technology & innovation, like Google, Facebook, Myspace, Twitter, Amazon, Ebay, Apple, intel, Cisco, Microsoft, Neffix, etc. WHY is this happening and what can New York do to change this? ‘There are 3 basic issues, all closely intertwined: 1. Local investors & VCs are more current revenue and short term RO! focused, land tend not 1 invest in large ideas addressing markets not yet clearly formed that take longer to evolve, 2, There is no intimate relationship with a major university, like Stanford in the Valley. We have NYU & Columbia, who are at the top of thelist, and numerous other colleges and universities in the NYC immediate area, but there needs to be ‘a close and formal bond between entrepreneurs & universities/colleges. 3. NYC is home to more Fortune 1000 companies than any city in the world — but again their input and funding is not integrated into the local innovation DNA. Get them involved. Itis these 3 areas that need to be woven together — in a similar way to that done in Silicon Valley, and for different products and markets, that which is done in northern ltaly among craftsmen, artisans, raw material suppliers, manufacturers and distributors. Both of these locations are high cost, but they ‘just work, {GotSUB is attempting to raise its first round of outside/institutional funding, after nearly ‘$1 millon invested by the Founders)