Time Inc. today unveiled its second annual list of the 10 NYC Startups to Watch for 2012. The startups will be recognized at a special event on Wednesday, May 16th, as part of Internet Week New York 2012.

Editors from Time Inc. brands, including TIME, FORTUNE, CNNMoney.com, PEOPLE, Sports Illustrated, Entertainment Weekly, and InStyle, scoured New York's thriving technology scene to uncover the ten most promising startups this year. The diverse list spotlights New York City-based startups with the potential to reshape areas from social media and entertainment to commerce and art.

The list made its debut during Internet Week New York 2011 with a selection of startups that have experienced significant growth and success over the past year including GroupMe, the group messaging app, which was later bought by Skype for a rumored $85 million, and online eyewear designer and retailer Warby Parker, which has grown 500% over the past year. The event itself has quickly become one of the flagship events of Internet Week New York, bringing together the most buzz-worthy innovators and entrepreneurs driving New York City's digital renaissance.

"Whether as journalists on the lookout for the next big thing, or as a publishing company pursuing growth in a rapidly evolving environment, Time Inc. is constantly searching for the kind of digital innovation that changes behavior in the simplest and most profound ways," said Mark Golin, Digital Editorial Director for Time Inc.'s Style & Entertainment and Lifestyle Groups. "And, given the increasingly hot startup scene here in New York City…we don't have to look too far to find that innovation."

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