Silicon Valley: (still) a magnet for the young and ambition
Silicon Valley has often been imitated but never duplicated. The unrivaled record of success of this place makes it a magnet for the young and ambitious from all over the world. Apple, Amazon, EBay, Google, Sony, Microsoft, Cisco, HP, Intel, Oracle… Hundreds of tech companies are there. Just name one! There are 500 000 high tech jobs in that one little area, which causes serious trouble in the real estate market. In the heart of Silicon Valley, the prices are pretty much like downtown New York. 29% of people employed in that area specifically have high tech jobs.
A glance in the history of Silicon Valley
Let’s have a look at the evolution of the leading hub for high tech innovation and development across the last decades:
- From the late 1890’s, Stanford University’s leaders decided that its mission was to serve the development of the West of the country. It was seen as a move to build a self-sufficient “indigenous” local industry.
- During the 1940s and 1950s, Frederick Terman, the dean of engineering and provost, started programs to help graduates launch their own companies. Terman is credit with nurturing some of the biggest high-tech firms like HP and Varian Associates. He is widely considered as “the father of Silicon Valley”.
- During the next 30 years, research and development benefited from private corporations’ financial support. In 1969, the Stanford Research Institute operated one of the nodes that comprised ARPANET, also known as the Early Internet.
- Today, Silicon Valley is seen as the world’s leading hub for high-tech innovation. It saw the development of the silicon-based integrated circuit, the microprocessor and the microcomputer.
What makes it so special?
Well, if you plan to raise money at some point for your tech company, your chances will be greater in Silicon Valley as it receives 37,8% of all USA venture funding according to Global Insights & Solutions’ MoneyTree Survey Report. But the more important feature of SV is culture. It is OK to fail in Silicon Valley. Actually, most startups fail. In the other hand, most of companies that succeeded have already experienced failure at some point of their history. Silicon Valley is in its fourth generation of people who left big companies for startups, and there is a three generation ecosystem of consultants, lawyers, engineers and inventors!