Tech:NYC Digest: January 24

Tech:NYC Digest: January 24

January 24, 2023 • Estimated Reading Time: 7 minutes

Tuesday, January 24, 2023

In today’s digest, NYC’s newest LIRR station opens, long COVID is still keeping a significant number of New Yorkers out of work, and how Gen Z is bracing to enter an uncertain job market.

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  • The long-anticipated Grand Central Madison station will open for LIRR service tomorrow, offering direct train service from Grand Central to Jamaica in just 22 minutes. Once the full service schedule is enacted, regular LIRR service is expected to increase by 41%. (Gothamist) For more details, click here.

  • An analysis of workers’ compensations claims in New York found that 71% of claimants with long COVID needed continuing medical treatment or were unable to work for six months or more. (New York Times)

  • NYC’s second legal cannabis store — and the first by a person with a justice-impacted background — opened this morning in Greenwich Village. (THE CITY)

  • Lastly, a quiz: In THE CITY’S first quiz on how well New Yorkers know their subway stations, the average score was just 5 out of 10. But here’s round 2 — see if you can do better.

In other reading:

  • Is there still reason to hope crypto can benefit New York? (City & State)

  • Where to Find NYC’s Finest Noodle Soups (Eater NY)

Generation Z is expected to account for 30% of the US workforce by 2030 — and it represents the majority of undergraduates today — but Gen Z is entering a job market that’s vastly different from those experienced by older generations. 

What’s new: Adobe surveyed 1,000 university students and recent grads to understand how they’re feeling about the economy and current labor market, and most are cautiously optimistic: 

  • While 70% said they were worried about the possibility of a recession, 66% said they feel prepared to enter the labor market.

Macroeconomic conditions are still top of mind for how Gen Z will navigate the job hunt:

  • 52% said they would pursue careers with larger, established companies over startups or small companies because they believe established companies have better chances of weathering economic downturns in the near future. (Fast Company)

  • More than half (55%) said they would review the company’s financial outlook before going through an interview process.

What it means: Gen Z is being more selective about the companies and the types of positions they’re applying to. Market trends have undoubtedly influenced the industries they choose to pursue in their job search, and the companies that prioritize transparency will attract the largest applicant pools.

Among other insights in the report:

  • 85% said they were less likely to apply for a job if the company doesn’t disclose the salary range in the job posting.

  • Top reasons they cited for turning down a job offer: pay offered isn’t competitive, not providing adequate work-life balance, and not offering inclusive benefits and perks.

  • 75% valued in-office experiences and said they’d be willing to relocate to be closer to work.

In other reading:

  • What to Know When Five Generations Share An Office (TIME)

  • 6 ways SaaS tools can help retain talent and keep Gen Z happy (Quartz)

  • Coverdash, a NYC-based commercial insurance startup, raised $2.5 million in seed funding. Bling Capital led the round and was joined by AXIS Digital Ventures, Tokio Marine Future Fund, Expansion VC, and Cameron Ventures. (TechCrunch)

  • Dayforward, a NYC-based life insurance startup, raised $25 million in Series B funding. AXA Ventures led, and was joined by insiders Juxtapose, HCSM Ventures, and Munich Ventures. (Newswire)

  • Journey Clinical, a NYC-based psychedelic medicine infrastructure startup, raised $8.5 million in Series A funding. USV led the round and was joined by AlleyCorp, Fifty Years, Able Partners, Gaingels, Palo Santo, PsyMed Ventures, Coalition Partners, Mystic Ventures, Colibri, and Satori Capital. (Axios)

  • Skillit, a NYC-based recruitment platform for construction labor, raised $5.1m in seed funding. Building Ventures led the round and was joined by MetaProp, Holt Ventures, Great North Ventures, 1Sharpe Ventures, and Takeoff Capital. (FinSMEs)

  • January 25: Virtual: Lessons from Scaling Handy, with Handy co-founder and Angi CEO Oisin Harahan. Hosted by Junction Venture Partners. Register here.

  • February 8: In-person: New York Startup Guild Brunch & Learn, with Innovatemap founder and CEO Mike Reynolds and senior product marketer Meghan Pfeifer. Hosted by Betaworks. Register here.

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