Tech:NYC Digest: August 4

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Thursday, August 4, 2022 

This month, Thursday is the new Friday. For the Tech:NYC team (and many of our member companies), the long-standing tradition of summer Fridays is in full effect, so we’re bringing you our regular Friday Five a day early. Here are our favorite five highlights in New York tech this week; see you on Monday!

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Sequoia Capital to Open New York Office, First US Outpost Outside Silicon Valley (The Information)

• Venture activity is down so far this year compared to the last (although that’s not entirely the case in NYC). Even so, investors are doubling down on New York’s long-term advantage. Sequoia’s announcement came just after a16z and Index Ventures made similar announcements they would open up shop here. Three or more is a trend — and one we expect to continue growing.

Tech bros prosper in New York, but won’t overrun it (Financial Times)

• We actually don’t run into many “tech bros,” at least not in the New York scene, but this piece dives into our new Innovation Indicators research to find what gives New York tech it’s competitive advantage: New York has “imposed its character on tech, not the other way around.”

Average salary ranges in NYC: Engineering, product, customer success (Carta)

• Bookmark this as one really useful resource: Tech:NYC member Carta put together an interactive tool sharing salary and equity bands for several top tech jobs, sortable by job level and company valuation. The latter is, in our view, particularly valuable: compensation data too often comes only from the largest tech employers, and reliable data about salaries in earlier-stage startups is notoriously hard to find.

WeWork Offices Are Now Just as Full as They Were Before the Pandemic (Bloomberg)

• There may be more RTO appetite than we think. But not all RTO plans are the same: WeWork was one of the first to center flexibility as a business strategy, especially for companies drawn to flexible space while they figure out long-term office plans in the era of hybrid work. And the company’s latest quarterly earnings report signals that strategy is paying off. 

No Hardboiled Eggs on the Road, and Other Highly Subjective Car-Eating Advice (Bon Appétit)

• Some tips for those of you spending your first August weekend getting out of the city. Happy summer Friday!

PS: NYC is opening 23,000 new monkeypox vaccine appointments tonight at 6pm ET. If you’re eligible, you can reserve available slots here.

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