by Dot Cannon

 

“How has COVID affected us, and where do we go from here?” asked New York City Senior Economic Development Corporation Senior Vice President Karen Bhatta.

Day Two of TechDay Online was getting off to a start, just after 8:00 on Wednesday morning.  Attendees from New York, Los Angeles and Great Britain had come together for this first all-digital version of the year’s largest startup expo.

And in her keynote, “Second Annual State of the New York Ecosystem”, Karen illustrated her area’s talent and resilience.

“We have a vibrant startup community, with more than 9,000 startups…that call this city home,” she began.  “We also have double the number of software engineers (in) San Francisco.”

That community, she said, had been on a fast track to ethical and mindful innovation.

“Ten years ago, the Bloomberg administration developed a strategy to support our economy,” Karen explained.  “(That included) an applied-sciences initiative to bring in tech talent.  We were going to build a New York City Center for responsible AI.”

But then, the pandemic hit.

“The response from everyone in New York City was incredible.”

A metropolis in action

Karen said manufacturers across New York mobilized to produce personal protective equipment.

“We worked with our partners in the fashion industry (and produced 4.2 million disposable gowns,” she continued.  “We set up face shield manufacturing, worked with healthcare…to set up the pandemic response lab (and) provided free or low-cost broadband (to low-income communities).”

The pandemic hit the city hard.

“Overall, the city’s job losses have skyrocketed,” Karen said. “(Since February, the unemployment rate has gone from 3.4% to 16%.)”

She also told her audience that New York had lost 21 percent of its small businesses between January and September, 2020.

And she pointed out the inequity of the closures.

“41 percent of Black-owned businesses haved been shuttered by COVID, as opposed to 17 percent of White-owned businesses,” she explained.

In response, Karen said, new programs and resources are being implemented.

“We’ll relaunch the website, digital.nyc,” she said.  “We created the Small Business Resource Network in partnership with the Peterson Foundation (and other partners).”

In addition, she said, her organization was providing all public-school students with computers, for distance education.

And some exciting innovations are on the horizon.

Retraining for the future

“We’re building a tech training center in Union Square,” Karen said.  “It’s due to open in one year.   (We want to make sure New Yorkers have access to affordable tech education.)”

These services, she continued, will be essential.

“(With automation of work in a global recession putting people out of work, one out of every two people will need reskilling.). The changes we need to see in the industry must start here.”

Karen ended her keynote with a call to action.

“We need public and private partnerships (from educational institutions and the startup community).  We need your continued participation now.”

“There are plenty of paths to help,” commented TechDay HQ President Walter Charnizon, following Karen’s closing remarks.

“At the end of the day, there is a tomorrow.  And I think New York City is poised to unleash those resources.”

Sensitivity, “lovable” products and community

TechDay Online’s first Day Two “Ask Me Anything” roundtable addressed all things marketing.

Hell’s Creative Co-Founder/Creative Director Max Bidna opened “Ask Me Anything About Pivoting Your Marketing” with a recommendation.

“In my opinion, everyone should be leaning into coronavirus in some way, shape or form…You need to be able to address the elephant in the room.”

Walter and Max addressed the delicate balance involved in this process.

“It’s hard to find a way to…be sensitive to the fact that people are suffering, and still (conduct your business),” Walter said.  “You need to be able to pay attention to the big picture, and at the same time, not come across as if you’re trying to be a profiteer.

“But if you don’t talk about COVID, it’s not as if they’re not aware that COVID is happening.”

“It’s really important to (be relevant),” Max said.  “Every business exists to help someone do something.  You want to make sure that you’re attentive and understanding, and creating resources (that are helpful).”

One participant asked how to “cut through the noise” in marketing products or services.

“There is a ton of competition right now,” Max replied.  “It’s never been easier to start a business in the history of Planet Earth but it’s never been harder (to be successful).”

His recommendations towards that success?  “Insanely good branding” –pointing up the ways your brand is different, and stands out from your competitors.

Max also recommended focusing on a small group, and getting them to love YOUR product.

“Think about the most successful brands in the world,” he suggested.  “How did they start?  None of the big companies started off addressing the entire market.

“Address the people who will want your minimal, lovable product.”

Focus and quality

Knowing that target audience, Max said, is key.

“Understanding how people engage with your presence online is, I believe, the most (underrated aspect of marketing).

“This may be controversial, but I think, not every company needs an Instagram account.  How many brands do you follow first, and then purchase something from?  Almost none.

“Identify your target audience first…You just need to be on the channels YOUR target audience spends the most time on.  Identifying where your target market spends their time and what platforms influence them to purchase is the most important thing you can do with your time.”

Asked by another participant how to organize marketing when today’s technology meant “millions of eyes everywhere,” Max emphasized value.

“When you’re a startup, your goal is to get the most quality eyeballs possible.  (You want people who will love your product and help you promote it.).

And that solid base, he said, led to sustainable marketing.

“If I start by just creating a community of people who are likely to share, in and of itself, then it’s a snowball effect.”

The “Ask Me Anything” group went on to discuss viable ways of marketing–including, surprisingly, a return to more “traditional” avenues, such as radio ads.   They shared several ideas, including event sponsorship and partnering with other startups.

“This, at its core, is what it is to go to an event,” Walter said.  “It doesn’t take more than one good, actionable (suggestion) to make the event worthwhile.”

Archives of opportunity

As TechDay Online’s Day Two continued, TechDay Talks were available in the “Video on Demand Learning Center”. Four startup stages offered videotaped product demonstrations and pitches, including international ones.  Exhibitors had posted short videos in the exhibition area.

And we were glad of a chance to return later and see these recordings!  The next live-streamed session was beginning.

“Closeup-ready” Storytelling

In the 10:30 roundtable, “Ask Me Anything About Fundraising”,Realm Startup Advisory Founder Roger DaSilva highlighted professionalism, “hustle”–and telling your story.

“If you could turn the clock back with a startup, what would you do?” Cela Co-Founder John Lynn asked him, at the start of the session.

“Start today,” Roger responded.  “…You want to build a narrative.

“You don’t just show up at investors’ doors, asking for money, on Day One.  They want to get to know you.”

Several minutes later, Walter asked if any of the attendees to this session had had experience, as of yet, raising funds.  No one said they had.

“What are the best first steps for people to take?” Walter asked.

Roger listed several actions: “Get out there and tell your story.  I’ve reached out cold to people on social media.  Networking.

“Do all these types of things, and just tell YOU.”

And preparation, Roger said, could create a good first impression.

“You want to kind of be ready…when you’re talking with an investor.  Clean up your LinkedIn.  Make sure that you look professional.  Make sure your technology works–I’ve been on calls where someone’s presenting and it’s just a mess.”

Conversely, he said, he had a great impression of a founder who did a presentation from her truck.

“She pulled up to a pet store…that had closed down,” he explained.  “She had to keep returning to the call because people would walk up to her and she was selling (her pet-grooming services).  Demonstrate the hustle.  Demonstrate that you’re willing to go above and beyond.”

“Hustle” versus “moon shots”

Several minutes later, that “hustle” came up again in conversation.

“What is the mindset of venture capital investors?” one participant asked.  “You have founders that tank the company.  Then, the next thing you know, they turn around and get another million dollars (while smaller companies can’t get seed money).”

“I’ll be honest, they’re looking for a unicorn,” Roger said.  “They’re looking for those companies that are total moon shots.

“You need to find that potential investor whose interests are aligned with what you can do…Look for the investors that aren’t (seeking that bright, shiny Silicon Valley protege).  I want to pound the table–they’re out there.  (You and I just have to hustle more.)”

Roger offered some guidelines on cold emailing, as a means of that “hustle”.

“Research the person (to whom you’re sending the email).  Keep it short and sweet,” he said.

“Get to the meat of what you do and why they should continue reading.  Then, finally, your ask.

That “ask”, he said, should be for advice, rather than funding.

“Don’t attach a pitch.  If you want to, put in your website.  Send two emails a day.”

John and Walter suggested personalization to increase the likelihood of getting a response.

“One thing I”d sort of add on, if you can connect one thing about (your recipient) to your ask, it’s very powerful,” John commented.

“If you can add some specificity to the way you found them, it also moves the needle forward,” Walter said.

“But the more ‘cold’ your email is, the more it feels like it was churned out of a factory, the less likely any of us are, to respond to it.”

 

The third and final day of TechDay Online’s first fully virtual expo starts with exhibiting and networking hours  at 6 am ,PST, on Thursday, November 19th.  Keynote 3, :”The State of the Los Angeles Tech Scene and Where It’s Headed”, starts at 8 am PST.  Here’s the link for information.