Press-Republican

FYI...

July 2, 2013

Did this man really just become New York City's first tech billionaire?

When you think of New York City's burgeoning startup scene, you might think of trendy social-media companies like Foursquare or Tumblr or e-commerce sites like Gilt Groupe. You might think of the Brooklyn-based startups that are helping to forge the new DIY economy, like MakerBot, Etsy and Kickstarter. A couple of those startups - Tumblr and MakerBot - recently sold for huge sums. A couple of others could be in line for substantial IPOs.

But none, according to Bloomberg News, can lay claim to producing Silicon Alley's first billionaire. That honor, Bloomberg asserts, went last week to a far less flashy name: Shutterstock, the stock-photography site whose licensed images adorn millions of ads and hastily composed blog posts across the Web, including some on Slate. The company went public in October and has seen its shares soar. Late last week, founder Jonathan Oringer's 55-percent stake in the company was valued at $1 billion. Citing RBC Capital Markets analyst Andre Sequin, Bloomberg declared Oringer "the first billionaire to be created in Silicon Alley."

If true, that's a significant landmark in the growth of a scene that is fast surpassing Boston as the nation's second-largest tech hub. But how do we know Oringer is really the first?

I called Sequin to find out. He told me he was a little surprised that Bloomberg had him making the claim quite so definitively. Sequin clarified to me that Oringer is the scene's first billionaire founder "as far as I know." He added that he "couldn't come up with anyone else" who meets the criteria: a New York tech or new-media startup founder who owns enough of a company that his own share translates to $1 billion or more upon exit (or on the stock market, if the company has gone public).

Text Only | Photo Reprints
FYI...
  • Stepping forward: The real Colbert

    Letterman changed the late-night TV game between his run on NBC's "Late Night" and starting the "Late Show" franchise in 1993. And while it's tough to replace a pop-culture icon, Colbert, in terms of pedigree and sense of humor, makes the most sense.

    April 16, 2014

  • news_twitter.jpg Travelers fly on Air Twitter

    The enlightened age of social media has dawned over the airline industry, casting shadows over telephone call centers and on-site agents. Facebook and Twitter are racking up the friends and followers while the hold music plays on.

    April 15, 2014 1 Photo

  • 297px-Starbucks_Corporation_Logo_2011.svg.png Why Starbucks won't recycle your paper coffee cup

    When you drop that used white paper cup into the bin next to the door at a Starbucks, have you done your part to save the planet? Starbucks has long hoped that you would think so. After all, there's no better way to attract an affluent, eco-conscious clientele than to convince customers that your disposable product is "renewable."

    April 14, 2014 1 Photo

  • Screen Shot 2014-04-08 at 2.16.35 PM.png Are Americans smart to stop drinking diet sodas?

    Recent data from Beverage Digest suggest many are cutting back on diet sodas. Consumption of diet sodas fell more than that of sugary sodas in 2013. This raises two questions: Why is total consumption declining, and is drinking diet soda harmful to health?

    April 13, 2014 1 Photo

  • Fast, cheap test can help save lives of many babies

    As Easley did more research into her daughter's death, she learned that a pilot program had started just months earlier at Holy Cross Hospital in Silver Spring, Md. (Easley had delivered at a different hospital in the Washington area.) The program's goal was to screen every newborn with a simple pulse oximeter test that can help detect heart problems such as Veronica's, allowing doctors to respond.

    April 12, 2014

  • Starbucks retools pastry menu after customer complaints

    After the coffee chain bought gourmet-baking company La Boulange in 2012, it used the acquisition to add fancier pastries to U.S. locations. Now Starbucks is discovering that some customers liked the food better before, prompting another round of retooling.

    April 11, 2014

  • Lindley, Tom.jpg Taking someone out to the ballgame gets expensive

    Families in big-league cities like Boston and New York pay steep prices to catch a baseball game. It's not so expensive everywhere - especially if you're frugal.
     

    April 10, 2014 1 Photo

  • How improv comedy skills became a must-have for entrepreneurs

    A few years ago, for complex reasons, I attended the orientation week for Columbia Business School students. The week involved team-building exercises that forced us to solve problems together.

    April 9, 2014

  • news_amazonfiretv.jpg Amazon introduces Fire TV to challenge Apple in living rooms

    Amazon.com Chief Executive Officer Jeff Bezos is stepping up efforts to win over customers in their living rooms with a $99 TV box for watching digitally delivered shows and movies, challenging Apple's TV device.

    April 8, 2014 1 Photo

  • Hate With Friends, the fun new Facebook tool

    Hating movies, earworms, conventions of grammar, clothing brands, diet fads - you get the twinkle of pleasure without the glob of guilt, or the cold brush of fear. A Coldplay song doesn't know you hate it.

    April 7, 2014