Tech:NYC Digest: July 6

Tech:NYC Digest: July 6

July 06, 2023 • Estimated Reading Time: 8 minutes

Thursday, July 6, 2023

How many hours did you spend on Threads today? 👀 (Share your handle so we can follow you!) In today’s digest, tracking the end of the ‘Great Resignation,’ the next big Gateway investment, and your guide to NYC composting rules. 

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  • The federal government is on track to give $6.88 billion, the most ever awarded to a mass-transit project, for the construction of a second rail tunnel under the Hudson River to New York City, according to a grant Sen. Chuck Schumer announced today. (New York Times)

    • The funding pledge will allow project planners to seek companies to begin construction by next year on the tunnel by next year, which is part of the massive Gateway project expected to be completed in 2035. 

  • Temperatures reached above 90 degree Farenheit again today, prompting a warning from Gov. Kathy Hochul above dangerous conditions statewide and an air quality advisory for the city and Lower Hudson Valley. 

  • Reservations for the summer edition of NYC Restaurant week, which runs July 24 through August 20, are officially open. See this year’s participating restaurants here.

In other reading:

  • Three Vaccines for Fall: What You Need to Know (New York Times)

  • Can the New Wave of Restaurants Make NYC a Late-Night Dining Town Again? (Bloomberg) 

  • How to Compost Yard Waste Curbside in New York (THE CITY)

Is the “Great Resignation” really over? New federal data indicates we’re closer than ever.

  • The rate at which workers voluntarily quit their jobs has fallen sharply in recent months and is only modestly above where it was before the pandemic abruptly upended the US labor market. (New York Times) 

We took the question to Jonathan Mirian, Head of Finance for HR software company Justworks to ask if those trends felt true to what he's seeing. Mirian said the company noticed a change among its customers — predominantly small businesses in desk-based, white-collar industries — starting late last summer, as some of those businesses slowed hiring.  

  • "In the fall of 2022, we saw a drop in voluntary departures," said Mirian. "This spring, voluntary departures were at their lowest point since the summer of 2020. Based on this data, we agree that the Great Resignation has ended among our small business customers."

  • A Harris Poll commissioned earlier this year by Justworks found almost half of all employed adults were changing workplace behavior out of concern for a layoff. 

Many of the trends driving the Great Resignation across all industries have eased, The Wall Street Journal reported.

  • Many workers used the pandemic to re-evaluate their lives and the kinds of jobs they wanted, others were seeking higher salaries, and others wanted fully remote roles. 

  • A slowdown in voluntary departures can indicate a softening labor market, economists told the Wall Street Journal, but could also indicate workers becoming more satisfied in their roles. 

For the tech industry, the picture has been complicated for some time. 

  • The series of layoffs dominated headlines for a period of time, of course, but overall demand for tech talent across sectors has remained elevated. That’s particularly true within sectors not traditionally known for tech hiring, such as state and federal governments, hotel chains, retailers, and investment firms. (AP)

In other reading:

  • Clair, a NYC-based advance payment fintech for frontline and gig workers, raised $25 million in equity funding and $150 million in debt funding. Thrive Capital led the equity funding round and was joined by Upfront Ventures and Kairos.

  • Insight Partners, a NYC-based VC firm, raised $118 million for its second VC fund-of-funds led by underrepresented managers.

  • Paperspace, a Brooklyn-based cloud computing and AI startup, was acquired by DigitalOcean, a NYC-based cloud services provider, for $111 million.

Make It In Brooklyn is accepting applications for its AI Tech for Good Pitch Contest on August 2. Pre-seed through Series A startups with AI solutions that benefit humankind and/or the environment are eligible to pitch for a $5,000 cash prize. Learn more and apply by July 7 here.Forum Ventures is accepting applications for its next accelerator program. The four-month program offers selected early-stage B2B SaaS startups with a $100K investment, mentorship on establishing product market fit, customer introductions, and other resources. Learn more and apply on a rolling basis here.BLCK VC is accepting applications for its next Breaking into Venture cohort. The nine-week program is designed for early-career Black professionals looking to transition into the venture capital industry. Learn more and apply by July 14 here.The Grand Central Tech Residency Program is accepting applications for its Fall 2023 cohort. Selected startups receive free office rent for a year, as well as other community and programming benefits. Learn more and apply by July 15 here.The Environmental Tech Lab, a public-private initiative between the NYC Department of Environmental Protection (DEP) and Partnership Fund for New York City, is accepting applications for its inaugural cohort. The Lab is seeking early- and growth-stage companies with data and operations solutions to help solve pressing challenges facing the city’s water and wastewater network. Learn more at the info session on July 26 here and apply by August 23 here.

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