In a milestone achievement in the fight for equal pay, Mayor Bill DeBlasio signed a bill in May that prohibits employers from asking about a prospective employee’s salary history. At a high level, the bill states that relying on salary history to determine an employee’s wage perpetuates the gender wage gap. But when it goes into effect in October 2017, it will require that companies adjust their approach to closing hires and push hiring managers to take a stronger, data-backed approach to offers. Here's how to stay on top of your hiring game and help build a modern and inspired workforce.
The healthcare industry today finds itself at a truly unprecedented crossroads. On one side of the table, we’re seeing an astonishing rate of innovation and investment in bringing increased levels of efficiency to an industry that has historically been slow to adopt new technologies. And yet, on the policy side, it seems we’re moving in quite the opposite direction, with an administration that is hell-bent on dismantling the current payer landscape. In the face of these competing forces, two individuals have stepped up to foster productive dialogue between all corners of the room by building a new kind of community that hasn’t existed before in the healthcare industry.
Q2 showed the first quarterly increase in seed deal volume in six quarters, with 37 deals closed and $67.1MM in total funding - an increase of 6% and 16%, respectively, from what we reported at this time last quarter. Areas that saw the most activity in Q2 include Enterprise SaaS platforms across a variety of verticals, real estate, and FinTech startups. AI continued to dig in deep, across nearly all sectors, and this quarter it played a big role in some new B2B SaaS platforms.
Early results are in for Q2, and we’re seeing the first quarterly uptick in NYC-based seed deals in the last six quarters. According to preliminary figures, Q2 2017 saw 37 deals close, pulling in $67.1MM in total funding. These numbers are up 6% and 16%, respectively, from what we reported at this time last quarter. Additionally, Q2 data shows a continuation of the recent trend of larger seed deals - up 6% from Q1 - with average deal value having increased steadily over the past four straight quarters.
Equal gender representation at senior levels in business is a cause for which we should all be fighting. Here at Primary, we have been incubating a new venture, Chief, led by Carolyn Childers, an experienced operating executive in NYC Tech. Still in early development stages, Chief’s overarching goal is to help women progress in the workforce by leveraging the power of network effects, and giving members the resources and support system to help each other excel.
One of the most unfortunate realities of the startup world is the wide gulf that exists between the business and technical sides of most startups. Born, like so many things, out of discomfort with the unknown and exacerbated by the different languages these two groups speak, it’s a reality that is quite pervasive in our community, and seems to materially limit many in the engineering community from taking the plunge and becoming founders. In an effort to demystify the financial side of the business, and with the overarching goal of encouraging entrepreneurially minded engineers to come forward with their ideas, we at Primary are working to foster an open dialogue and empower more would-be/should-be technical founders to step forward.
One thing we always try to impress upon our portfolio companies is that you never know which partnership will develop into the one that ultimately matters most. Today, we are pleased to toast the non-obvious acquisition of our portfolio company Fieldlens, which has just been acquired by WeWork. Fieldlens built a mobile field coordination platform for the construction industry that has been used to coordinate projects big and small, including new Disney theme parks, research hospitals, NYC’s Hurricane Sandy rebuilding efforts, and thousands of single-family homes.
Eric Liaw, General Partner at IVP, counts some serious ecommerce heavyweights among his list of notable investments. The Honest Company, Mindbody, Glossier, and Supercell are all on his recent roster, and the list extends into software and FinTech, as well. As an experienced late-stage investor, we were thrilled to have Eric lead the discussion at last week’s Primary Table Talk, where 15 of NYC Tech’s leading ecommerce brand makers broke bread and discussed their observations, challenges, and upcoming trends in building D2C consumer brands.