Another blow to the Hub's tech scene: New York is beating Massachusetts in numbers of venture-capital deals (and by New York is beating Massachusetts, we really mean New York City and Boston-Cambridge). Per a new report from research firm CB Insights per Jerry Kronenberg in The Herald:
The firm found that Empire State venture-capital transactions rose 11 percent to 81 deals, while volume fell 18.3 percent to 76 transactions in Massachusetts. That’s bad news for the Bay State, as venture-capital firms invest in cutting-edge companies they believe could become the next Apple or Google. Boston specifically has already fallen behind New York in the number of new-media firms as well as new-media employees.
We bring all this up as usual only in the context of the city's recent development efforts. The tech industry is supposed, by pols and private developers alike, to drive so much of what's going on in East Boston and South Boston in particular—new apartments, some of them so-called micro-apartments; new office space; new restaurants; new shops; even new ferry routes. And it's not just Boston that imagines tech as a saving economic-development grace. Cambridge played ball with Google to keep the Internet behemoth through a relatively modest expansion; and Somerville Mayor Joseph Curtatone just last week said that city needs to attract tech "hipsters" to help drive growth.
Suppose, though, that the beast down I-95 continues to steal the Hub's thunder in this regard in terms of investment dollars and talent. Over time, who fills these hundreds of micro-apartments and thousands of square feet of new office space? Who saves Somerville? Ask yourself that. Out loud.
· Venture Capital Loves New York [Herald]
· Boston's Tech Sector and Real Estate: What If? [Curbed Boston]
· South Boston to Get Hundreds of Manhattan Apartments [Curbed Boston]
· South Boston Techies Will Rescue East Boston Real Estate [Curbed Boston]
· Somerville to Board Tech Train as Mayor Praises 'Hipsters' [Curbed Boston]
· Google Obviously Feeling Lucky in Kendall Square [Curbed Boston]