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Technology Stocks : The *NEW* Frank Coluccio Technology Forum -- Ignore unavailable to you. Want to Upgrade?

To: axial who wrote (17816)	11/15/2006 1:23:34 PM
From: Frank A. Coluccio	Respond to of 46821

Silicon Alley 2.0 By Steven Malanga City Journal Autumn 2006 Gotham’s digital economy didn’t die after 9/11, and now it’s roaring back. When the Twin Towers fell, New York’s digital economy, dubbed Silicon Alley, was a major economic casualty. True, the collapse of technology stocks the year before had already deflated Gotham’s tech industries. But the 9/11 attack severely damaged Silicon Alley’s geographic heart, lower Manhattan, transformed over the previous decade into a bustling high-tech district. After 9/11, hundreds of New York tech firms closed up shop; others survived by shrinking dramatically or selling themselves for only a small fraction of their sky-high valuations of the late 1990s. As many as half of New York’s new media jobs vanished. Nevertheless, Silicon Alley survived: and now—unexpectedly, even improbably—it is reemerging as an economic force in New York. Many of the hundreds of entrepreneurs and thousands of tech-savvy workers who flooded the city during the 1990s stuck around after 9/11, it turns out, and as Internet use becomes almost universal, these industry veterans are back with waves of new start-ups, catering to Internet surfers’ demand for more online tools and interactivity or helping New York’s mainstream industries do business better in the digital age. Their talent has grabbed the attention of industry leaders, who have made New York a key part of their worldwide networks. Continued at: city-journal.org ------