New York City has been suggested as a possible rival for Silicone Valley as the tech startup capital of the world, and with good reason.
With so many financial institutions and businesses in proximity, New York has a wealth of investors and potential clients for any startup to take advantage of. Much of the financial center of the United States rests on the busy streets of New York, making it an ideal location for new businesses wanting to get ahead.
Even the recent situation around the world has not dulled the appeal, with several New York-based venture capitalists suggesting to Tech Crunch that the city is going to go from strength to strength. David Levinson of AF Ventures claimed: “New York simply has too much to offer, from its richly diverse population, cultural significance and vast collection of industries to lose its entrepreneurial spirit.”
As well as the rich diversity and opportunity, it is also very easy to start an LLC in New York. ZenBusiness explains that starting an LLC in New York can be done relatively cheaply; you’ll need to file Articles of Organization with the office of the New York Department of State Corporations Division, which commands a $200 fee. As we explained in our article Five Essential Lessons to Keep in Mind When You're Starting Your Own Business, all that is left to the entrepreneur is to find a need and fill it.
BBG Ventures is a New York City-based venture capitalist with a difference: they invest exclusively in firms founded by women or has at least one woman on the founding team. It has helped some companies become billion-dollar ventures, and it is not the only VC investing in women across New York. Here are four hugely successful startups that you should really know are women-driven, and an example to aspiring entrepreneurs everywhere.
The Wing
The Wing is an exclusive all-women, members-only social club and workspace, founded by Audrey Gelman and Lauren Kassan in 2016, and it is a perfect example of a great idea thriving in all climates, Observer comments that it’s Instagram-friendly décor and range of merchandise make it a startup for the new millennium, exploiting the far-reaching power of social media.
Zola
Wedding planning is big business and to a degree, it is a marketplace that will always endure. People will continue to get married and it is the one special day they plough an awful lot into. Enter New York-based online planning shop Zola, founded by Shan-Lyn Ma. They raised their seed money through BBG Ventures and now boast over 50,000 products from 700 brands.
LOLA
Alex Friedman and Jordana Kier founded female sanitary product supplier LOLA in 2015. They provide an online subscription service for a range of products and not only raised seed money through BBG, but also saw celebrities such as Serena Williams, Karlie Kloss, Lena Dunham, and Allison Williams all invest. They have been credited not only with a solid business model but also helping to encourage more open discussions around female reproductive health.
Rent the Runway
Rent the Runway is an online dress rental agency started by Jennifer Hyman and Jennifer Fleiss. From humble beginnings in New York, the company now has physical locations in Washington, D.C., Chicago, San Francisco, and Los Angeles, as well as New York. In 2019, the company was named at number five on CNBC’s Disruptor 50 list, up from nine in 2018, as well as being named one of Fast Company's Most Innovative Companies for two consecutive years in 2018 and 2019.
With so many financial institutions and businesses in proximity, New York has a wealth of investors and potential clients for any startup to take advantage of. Much of the financial center of the United States rests on the busy streets of New York, making it an ideal location for new businesses wanting to get ahead.
Even the recent situation around the world has not dulled the appeal, with several New York-based venture capitalists suggesting to Tech Crunch that the city is going to go from strength to strength. David Levinson of AF Ventures claimed: “New York simply has too much to offer, from its richly diverse population, cultural significance and vast collection of industries to lose its entrepreneurial spirit.”
As well as the rich diversity and opportunity, it is also very easy to start an LLC in New York. ZenBusiness explains that starting an LLC in New York can be done relatively cheaply; you’ll need to file Articles of Organization with the office of the New York Department of State Corporations Division, which commands a $200 fee. As we explained in our article Five Essential Lessons to Keep in Mind When You're Starting Your Own Business, all that is left to the entrepreneur is to find a need and fill it.
BBG Ventures is a New York City-based venture capitalist with a difference: they invest exclusively in firms founded by women or has at least one woman on the founding team. It has helped some companies become billion-dollar ventures, and it is not the only VC investing in women across New York. Here are four hugely successful startups that you should really know are women-driven, and an example to aspiring entrepreneurs everywhere.
The Wing
The Wing is an exclusive all-women, members-only social club and workspace, founded by Audrey Gelman and Lauren Kassan in 2016, and it is a perfect example of a great idea thriving in all climates, Observer comments that it’s Instagram-friendly décor and range of merchandise make it a startup for the new millennium, exploiting the far-reaching power of social media.
Zola
Wedding planning is big business and to a degree, it is a marketplace that will always endure. People will continue to get married and it is the one special day they plough an awful lot into. Enter New York-based online planning shop Zola, founded by Shan-Lyn Ma. They raised their seed money through BBG Ventures and now boast over 50,000 products from 700 brands.
LOLA
Alex Friedman and Jordana Kier founded female sanitary product supplier LOLA in 2015. They provide an online subscription service for a range of products and not only raised seed money through BBG, but also saw celebrities such as Serena Williams, Karlie Kloss, Lena Dunham, and Allison Williams all invest. They have been credited not only with a solid business model but also helping to encourage more open discussions around female reproductive health.
Rent the Runway
Rent the Runway is an online dress rental agency started by Jennifer Hyman and Jennifer Fleiss. From humble beginnings in New York, the company now has physical locations in Washington, D.C., Chicago, San Francisco, and Los Angeles, as well as New York. In 2019, the company was named at number five on CNBC’s Disruptor 50 list, up from nine in 2018, as well as being named one of Fast Company's Most Innovative Companies for two consecutive years in 2018 and 2019.
WRITTEN BY
Clara Rose