Tumblr Boosts Tech
Vivek Wadhwa spoke with the Wall Street Journal's Laura Kusisto about Yahoo's acquisition of Tumblr and that although "it takes a few years before you start seeing the home runs in the tech world... this is one of many to come."
New York City in the last five years has seen the creation of hundreds of new technology startups and an infusion of billions of dollars of venture capital funding. But it has been waiting for one of those companies to make a major breakthrough.
A deal announced Monday in which Yahoo Inc. agreed to buy New York-based Tumblr for $1.1 billion is the largest acquisition of a venture capital-backed technology company founded in New York after 2005 and is being hailed as proof that the city's technology sector is maturing after more than a decade of turbulence.
"It takes a few years before you start seeing the home runs in the tech world. This is one of many to come" for New York, said Vivek Wadhwa, a fellow at Stanford Law School, who studies the national technology industry.