AlleyWatch, the largest organization focused on NYC Tech, celebrates the work of the individuals that serve as a catalyst for innovation within the NYC Tech ecosystem.
MEET THE 2019 NYC TECH INFLUENCERS
Michael Loeb is one of the first, if not the first, venture builders in NYC. Loeb has been deeply entrenched in the NYC entrepreneurial ecosystem since the 1990s. An executive at Time Inc. he left in 1992 to found the Synapse Group with Jay Walker. Synapse changed the magazine publishing business dramatically by shifting the subscription model to be recurring by incentivizing consumer behavior. At Synapse, Michael cofunded Walker to found Priceline. Synapse was acquired by Loeb's former employer Time Inc. for $800M in 2006, in what Bonin Bough has described as "the most expensive rehire in history". Priceline also ended up going public in 1999 and currently has a market cap in excess of $85B.
In 2006 after the acquisition of Synapse, Loeb formally started Loeb Enterprise and Loeb.NYC, which serves as the incubation lab with the former as a vehicle for non-incubated investments. At the venture studio or "company factory" as Loeb prefers to call it, there are several hundred subject matter experts working out of the offices in midtown as a part of the studio's incubation team. Ideas that are incubated are both internally generated ideas like ScriptRelief, the pharmacy discount card that has over 11M members and was recently valued over $1B and external ideas like startups Penrose Hill, SummitSync, PopWallet, and Mercato, deploying up to $40M in private capital per annum. As Loeb is a noted expert in consumer marketing, most of the companies are direct-to-consumer, B2B, subscription services, tech or CPG products.
Extremely active in philanthropy, Loeb provides a paid internship program for underrepresented college students in tech to work at Loeb, its portfolio companies, as well as notable startups in New York that have no affiliation with Loeb. Lastly, Loeb is the only one of the 2019 NYC Tech Influencers whose summer home appears on a television program. He donates the location fees to charity.