New York City Demands More New Work City!

Tony, Peter and some of New York’s most dedicated freelancers, startups and small teams are building a thriving community, and it’s time to expand. Literally. New Work City started 18 months ago as a shared office for entrepreneurs, and has grown alongside New York’s tech scene ever since. Today they’re announcing an upgrade and new home in Tribeca. Personally, I’m ecstatic because I’ve been given the opportunity to personally contribute and help Perpetually at the same time.

New Work City 2.0 is already looking great. It’s a 5,000 square foot office space at 412 Broadway designed from the ground up for co-working. The lease has been signed and construction has begun. I’ve seen the raw space, I’ve seen the brick walls, I’ve seen the bay windows, I’ve seen the conference rooms. It’s awesome. Tony and Co. are putting their years of experience and connections to good use.

From Perpetually’s perspective, the deal is a great way to help the community that’s helped us grow, while also saving money. In exchange for a large percentage of the cash necessary to open the new space, I’ll own a few memberships until NWC has enough paying members to buy them back. Basically, Team Perpetually will pay $0 for rent — in Manhattan — for about a year.

New York City needs New Work City. While its success and growth prove the demand, NWC has only become a reality because of the vision and persistence of Tony, Peter and a cast of characters I love calling friends.

Watch live streaming video from nytechmeetup at livestream.com

Demoing in front of 850 of our closest friends at NYTM was a great time, and the response has been amazing! Thanks, everyone!

Mapping a new feature for Perpetually.

Mapping a new feature for Perpetually.

Funding is Friction

David Rose occasionally shows up in my inbox by way of Columbia’s BVC mailing list. This week he hit a nerve:

The bottom line is that raising money from anyone, including both angels and VCs, is really, really tough. Since only the top 2% of companies looking for angel funding succeed in getting it, that means you have to be one of the top two deals out of a hundred who are looking for the same money…and many of the others have companies that are much further down the path than you are.

He’s looking at fund raising like it’s some sort of goal. Fund raising is a friction to your success. A necessary one, sometimes, but a friction nonetheless. Most technology startups can choose early on to spend time looking for seed money or build a prototype instead. Assuming you could achieve either, in one scenerio you’d end up with no business and some money, while in the other you’d have a tangible product and a hungry market vying to invest in its success.

The time and distraction of the fund raising process must be worth the benefits, right now, to your business. Outside investment is not an achievement or a prerequisite to success. It’s just one of several strategies that can help you out along the way.