Is Philly on Its Way to Tech Hub Status After Lagging Behind?April 16, 2015 – In The News
Michael Harrington was quoted in the Upstart Business Journal article, “Is Philly on Its Way to Tech Hub Status After Lagging Behind?” Full text can be found in the April 16, 2015, issue, but a synopsis is noted below.
The technology landscape in Philadelphia has been steadily on the rise due to countless acquisitions and mergers that branch outside of Philly.
"We saw multimillion- and billion-dollar acquisitions from tech companies last year,” commented Michael Harrington on this recent growth. “What that has done regionally and for the middle-market, growth-stage companies, has gotten people more positive about an exit. What I'm seeing and what many of us are talking about is 2015 should be a good year that prompts smaller companies to sell,” he concluded.
Harrington also said that many nontraditional tech companies are getting into Philadelphia’s market, including e-commerce businesses.
Despite consistent growth, Harrington says that there are a few drawbacks that are driving tech companies out of Philly. Some companies that are still struggling are often pushed out and sold so that they don’t, “die on the vine,” he said.
“You have your venture capital firms that were very good citizens through the economic downturn between 2008 and 2011," Harrington added. “They expect their companies to be through the downturn and able to turn the corner.”