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NEW YORK, NY, April 18, 2013 /24-7PressRelease/ -- According to a recent survey conducted by the New York Venture Capital Association, $12 billion have been invested in nearly a thousand New York start-up businesses since 2008. By creating 21,000 jobs New York has surpassed Boston as the leading venture capital investment destination outside of Silicon Valley (entrepreneur.com).
Antoine Bell, entrepreneur and managing director at The BBB Conglomerate Network, says: "The financial crisis was a catalyst for many would-be entrepreneurs to start in business, either because of their choice or in need to find work." New York's landscape has significantly changed in the past five years. Antoine Bell sees the Big Apple as a perfect place for enthusiastic individuals with an entrepreneurial mindset who want to get started in the business world.
In 2008, when the recession hit New York, especially small businesses experienced a disproportionate decline due to poor sales and economic uncertainty (newyorkfed.org). Even larger and historic firms such as Lehman Brothers collapsed and thousands of New Yorkers lost their jobs on Wall Street (entrepreneur.com). The unemployment rate in New York reached 9.3% in June 2009, compared to 5.1% recorded in June 2008 (huffingtonpost.com). "The financial crisis has changed the business world but ironically it has helped many would-be entrepreneurs to put their business ideas into practice", explains Antoine Bell at the BBB Conglomerate Network. The economical turndown has helped to bring new life in New York's start-up scene and bright people with valuable experience began striking out on their own, either by choice or necessity (entrepreneur.com).
In 2013, just five years after the recession, the Big Apple has blossomed into a start-up magnet. The born and raised New Yorker Neil Blumenthal who co-founded the ultra-trendy eyewear company Warby Parker in 2010 says: "New York is all about fast pace and moving quickly... That's what building a start-up is - how fast can you move" (entrepreneur.com). Antoine Bell adds: "Successful entrepreneurs have adapted quickly to the economical circumstances and found possibilities to make their business grow." The BBB Conglomerate Network is one of those firms founded during the financial crisis. Within 20 months, the company has experienced a growth of over 6000% in the heart of the recession. With currently eight branches, the BBB Conglomerate Network is planning to expand into further markets by the end of the second quarter this year. New York is no longer just the financial capital as it seems, it has seen a rise of new ventures within many different industries and seems to have further opportunities for ambitious entrepreneurs in store over the coming years.
The BBB Conglomerate Network is an outsourced firm. We do sales, marketing, and consulting on behalf of our clients.
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