NEW YORK (WCBS 880) — Reza Chowdhury is a former Wall Street trader who launched AlleyWatch eight years ago to report on the growing and now booming tech industry.
"The New York eco system over the last 10 to 12 years has rapidly evolved since really the financial collapse and tech has really become one of the solidfying forces in the New York economy," Chowdhury tells Joe Connolly in this week's Small Business Spotlight, sponsored by BNB Bank — "Community banking from Montauk to Manhattan." "For example when we launched this publication in 2013, $820 million of venture capital went into New York companies, last year alone it was $10 billion."
As technology rapidly expands and other industries adapt, AlleyWatch serves as a communicator for the greater economy.
"Everyone wants to know where the puck's going to rather than where it's been," Chowdhury said. "So people want to know this is the next cool thing that's happening whether it's in tech or in a particular industry and how is this relevant to my business."
While the tech industry has seen significant growth since the hedge fund and mortgage banking crises, Chowdhury believes we're just starting to tap into the vast potential technology has to offer every industry from medicine to media.
"Within the next 2 to 3 years this digitally native generation is going to come online,"Chowdhury said. "We're just going to see this next evolution of innovation come into the marketplace and it will be a driver of the economy whether you're in tech or not."
He believes the use of artificial intelligence, machine learning and automation is on the horizon for companies in New York and stalwart industries.