Silicon Valley is home to some of the most famous startups in the world. Why? Because that is where all the major investors and resources are to building up major ideas into corporations. A city that has been trying to cash in on the same opportunities has found that it is not as easy as it looks, even if you try to mimic the same model the west coast is using.
In an effort to rival Stanford’s hotbed of innovators, city officials approved Cornell University of turning Roosevelt island into a technology campus. The idea is that it will bring in major investors, the next generation of innovators, and with all that money to the city and fame. The turn out so far has not be great. New York has a different vibe that each city carries with it. The adage that “if you build it, they will come,” seems to be what the city of New York is hoping for. Just because you build a large scale site for building new companies, the major investors are still in silicon valley. They will still have to fly to California to pitch to the VCs of their industries if they are looking for any kind of footing. It’s a tricky investment so when the campus is complete and up and running for a few years, the numbers will show whether it was a wise decision or not. For the major companies that looked promising in the beginning, like Foursquare and Tumblr, the outcomes have not been what everyone hoped for.