Mayor Michael Bloomberg introduced a multifaceted effort last week to “help support New York City’s financial services sector and grow as a global center for business innovation and entrepreneurship,” according to the city’s Economic Development Corp. In his speech, Bloomberg said:
We are taking aggressive steps to put the City in the best position to capture growth, and we’re doing it by promoting one thing more than any other: innovation.
Fashion – a huge industry for the city - is getting in on the initiative, too. For example, a new Web site will help buyers find trade show schedules and contact information. What might be most interesting about Bloomberg’s initiative, though, is how it will persuade the global financial powers to return to New York – and specifically lower Manhattan as opposed to Midtown where they mostly decamped to post-9/11. The AP writes:
The city has come up with a list of 25 potential firms to lure to New York. The campaign will include in-person meetings with firms in Qatar and Abu Dhabi in May and Beijing in June.
In this month’s Atlantic, Richard Florida author of The Rise of the Creative Class, suggested concern that other cities – namely Asian ones – will usurp New York’s financial power is “overheated,” and that New York actually stands to gain in creative capital – i.e., talent. “With the hegemony of the investment bankers over, New York now stands a better chance of avoiding that sterile fate,” he writes.
A piece in today's New York Times reports a bit further on that "cultural" shift, and what the city plans to do to revamp its reputation. It quotes former investment banker and founder of SecondMarket, Barry Silbert:
The next chapter in the history of Wall Street is being written right now... Never has there been a need for such a cultural and intellectual shift in thinking on Wall Street.
At least Gawker knows New York is still way cool.