Innovate New York: Global Innovation and Entrepreneurship
 On Wednesday April 1st, The Levin Institute and The New York Academy of Sciences co-hosted a panel discussion on “Global Innovation and Entrepreneurship, ” launching the 6 part Innovate New York series. The panel included Vivek Wadhwa of Duke and Harvard Universities, Jonathan Bowles of the Center for an Urban Future, Matt Nimetz of General Atlantic, and Amar Bhide of Columbia University. The discussion was moderated by Levin President, Garrick Utley.The four panelists framed the discussion by approaching the topic of innovation and entrepreneurship from various perspectives. Matt Nimetz, who runs a private equity firm based in New York City, began the conversation by discussing how his firm makes decisions on where and what to invest in. Nimetz mentioned that half of his firms investments are made within the US, and half abroad. He praised New York’s dynamism as a financial and business center and stated that most private equity firms want to do business in New York and have representation here. He discussed the symbiotic relationship between the financial industry and other industries within the city, saying that financial companies choose to do business in NYC because of the thriving restaurant industry, entertainment industry, and public relations industry. Entrepreneurial growth in these industries is in turn supported by an active financial industry. |
Vivek Wadhwa followed up by discussing the immigrant talent pool in NY as well as across the country. He presented the statistic that between 1995 and 2005 one quarter of all startups nationwide were founded by immigrants. He talked about how changes in immigration policy have made it difficult for immigrants to stay in the US and the country is now experiencing “braindrain” of the highly educated immigrant population. His research shows that many immigrants who come to the US to study no longer want to stay once they finish their education. More likely than not, they are now returning to their own countries where they can have progressive careers as well as a better quality of life. Wadhwa blamed bad immigration policy in the US for shipping off economic stimulus to other countries and losing talented entrepreneurs.
Jonathan Bowles opened his presentation with the statistic that thirty seven percent of the population of NYC is foreign born. He said that while New York does not have a large technology sector, the city is experiencing entrepreneurial innovation in many other sectors including transportation, food services, and daycare. Bowles highlighted the fact that immigrant entrepreneurs in NY have a difficult time growing their businesses due to poor public policy, as well as lack of access to capital. He discussed the lack of enough microfinance programs for immigrant business startups and mentioned that economic development programs are very disconnected from immigrant communities throughout the city.
Finally, Amar Bhide was asked to discuss how innovation might sustain and grow New York’s economy. He didn’t think having a high technology sector would necessarily transform New York’s economy, rather he though New York would gain from businesses that know how to implement technologies developed elsewhere. And that implementation is what would produce employment and economic growth.
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AMAR BHIDE: SECRETS OF SUCCESS AND INNOVATION |
JONATHAN BOWLES: NEW YORK CITY’S STRENGTHS AND CHALLENGES |
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AMAR BHIDE, MATT NIMETZ, JONATHAN BOWLES: COUNTER-ARGUMENT ON NYC’S STRENGTHS |