Tech:NYC Digest: March 21

Tech:NYC Digest: March 21

March 21, 2023 • Estimated Reading Time: 7 minutes

Tuesday, March 21, 2023

In today’s digest, NYC’s quest to make e-bike usage safer, the post-SVB outlook for startup funding, and how to avoid a roll back in VC funding for Latina founders.

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  • Mayor Eric Adams signed a package of five bills into law meant to prevent lithium-ion battery fires and promote safer electric micromobility usage. The measures prohibit the sale or rental of e-bikes and e-scooters that fail to meet safety standards; prohibit the reconditioning of used lithium batteries; and require the creation of a public information campaign on battery-related fire risks. (ABC New York) 

  • NYC subway ridership numbers hit a new record at the end of last week, with more 3.9 million paid rides logged on March 16, a level not seen since before the pandemic in March 2020. (Staten Island Advance)

  • Pres. Biden issued the first veto of his presidency yesterday, blocking an attempt to bar an investment rule that allows retirement fund managers to take “environmental, social, and governance,” or ESG, factors into account. (New York Times) The House is preparing an attempt to override the veto. (Axios)

In other reading:

  • How the SVB collapse could impact the long-term startup funding environment (Fortune)

  • The snack-all-day habits you picked up during the pandemic (Axios)

  • Where to Find a Good Passover Meal in NYC (Eater NY)

Latinos have, for several years running, started new businesses at higher ratings than other groups in the US. That’s especially true for Latinas, but they’re worried current economic uncertainties will undo much of the progress they’ve made, writes Axios.

  • Less than 1% of all major VC and private equity funding has gone to Latino-led companies.

There has been some progress: A 2022 report from LatinxVC noted an increase in non-partner and junior-level investors, and Latina VCs in partner or managerial positions rose from just one in 2010 to about 10 in 2020.

  • The increased representation in VC has turned into more capital for entrepreneurs from those backgrounds, as well.

  • But many of the DEI-focused initiatives announced in recent years were made by corporations and banks, and concerns over inflation and recent banking collapses could put some of those funds at risk.

Maria Salas, executive director of LatinxVC told Axios: "We seek to hold industry leaders accountable to the diversity commitments they made in the past several years to ensure those commitments are turned into action."

One opportunity in New York: Google for Startups is accepting applications for its Latino Founders Fund. Now in its second year, the fund provides $150,000 in non-dilutive cash awards, as well as $100,000 in additional Google Cloud credits, hands-on mentorship, and other business growth support. Learn more and apply by March 26 here.

In other reading:

  • Google is adding AI to its work apps. Here’s what that means (Washington Post)

  • The Hybrid Start-Up: A new venture model that combines corporate and entrepreneurial capabilities (Harvard Business Review)

  • When Should I Tell an Employer I Need Disability Accommodations? (New York Magazine)

  • Maven Clinic, a NYC-based virtual clinic for women's and family health, acquired London-based digital health company Naytal to accelerate its expansion in the United Kingdom and throughout Europe.

  • Pinkie, a NYC-based maker of period pads for adolescents, raised $1 million in seed funding. Participating investors include Amboy Street Ventures.

  • March 23: In-person: Fundraising as a FirstGen Founder: Challenges, Mindsets and Cultural Differences to Overcome, with Sika Health CEO Ami Kumordzie, Lawtrades CEO Raad Ahmed, Partsimony CEO Rich Mokuolu, and Laconia Capital Group partner Geri Kirilova. Register here.

  • March 24: In-person and virtual: How I Raised My Seed, with Diem CEO Emma Bates, Dandi CEO Jeff Fernandez, and WeStock CEO Cameron McCarthy. Hosted by Brooklyn Bridge Ventures. Register here.

  • March 29: In-person: From –1 to 1 in NYC, with Ramp CEO Eric Glyman and South Park Commons partner Aditya Agarwal. Register here.

  • March 29: Virtual: Exchange: A New Kind of Investor Conference, with A Starting Point co-founder Chris Evans, ARK Invest CEO Cathie Wood, NYU Stern School of Business professor Scott Galloway, and others. Hosted by Public. Register here.

  • April 3: In-person: The Business Case for Second Chance Employment, with Verizon CEO Hans Vestberg, JPMorgan Chase EVP of human resources Robin Leopold, Justice Through Code founder Aedan Macdonald, and others. Hosted by the Business Roundtable and Columbia Business School. Register here.

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