AOL is moving its HQ to New York, cutting nearly half of its 5,700 DC-area jobs, and leaving serious questions about the Washington, DC area’s tech industry in its wake. AOL’s declining fortunes have already hurt the sector, but local techies and VCs have fought back with numerous startups, reports the Washington Post.
The best known is Revolution, which aims to use technology to transform health and other industries. Still, "we just don't have the high-end Googles and Facebooks,” says one area investor. Another warns that the lack of a local Internet leader increases the risk that “quality talent migrates elsewhere, with innovation, capital, and employment growth following them.”