Crystal City Gets Tech'd Out
DC native and tech guru Paul Singh is moving quickly on his plan to make Crystal City the city of the future. Crystal Tech Fund, Paul’s venture capital fund, officially opened its doors at 2231 Crystal Dr last week with a visit from Sen. Mark Warner. He toured the space with Vornado’s Mitchell Schear and chatted with the six companies that have moved in. It’ll house the companies that get funded through the $50M fund—if they choose to be in the space. The first phase (68 desks) was put together in seven weeks, and more sections will open through next year for a total of 27.5k SF and 175 desks. The space has special sound engineering through acoustic treatments and special fixtures to make sure it can be collaborative but also relatively quiet. (Then maybe in 10 years HBO will make a show about our tech scene.)
Paul, one of the founders of "500 Startups" in Silicon Valley, says he’s investing in companies from all over the world and is hoping to bring some of them to the Crystal City spot. Ultimately, he wants to make Crystal City a model for how to build the next generation of cities. He points to a recent Martin Prosperity Institute study that shows more venture capital is invested in startups in urban areas. Tech will never be the dominant employer in the DC economy, he adds, but it tends to pay higher wages, which means tech workers have more disposable income. Vornado is helping any of the entrepreneurs who want to stay in Crystal City find housing.
Companies started moving into Crystal Tech Fund HQ earlier this week, and one of the first was Supply Hog, which moved here from Tennessee. CEO Nathan Derrick (right) describes the business as the Amazon.com of construction supplies. The platform allows companies to shop for everything from sheet rock to concrete. He has a staff of 16 and hopes to double within the next year. Nathan, who knew Paul from a previous investment, says he moved his company to the Crystal City space before seeing it, but has no regrets. Now, he just needs a place to live.
