Let a Thousand Silicon Valleys Bloom
There is a growing groundswell of companies moving out of Silicon Valley for more friendly business environments—Oracle, HP Enterprises, Palantir and Tesla being among the latest to decamp.
According to a recent survey, 67% of technology professionals think that “technology power is dispersing from Silicon Valley,” with 61% of workers indicating that they would follow an employer move to an emerging tech hub.1
As technology power decentralizes, there are a number of emerging winners.
Tech Hubs 2.0
As Silicon Valley companies and employees look for friendlier pastures to start or grow their companies, cities and regions across the nation are benefiting.
The More Well-Known…
- Raleigh, NC—Thanks to North Carolina State University, along with nearby Duke and University of North Carolina, tech employers benefit from a deep pool of young talent. This city is already home to LuLu, Citrix ShareFile and Cree, Inc.
- Cambridge, MA—With some of the most prestigious schools in the world and an unparalleled higher education infrastructure, it is no surprise that the area is home to leading biotech companies such as Biogen, Novartis and Genzyme.
- Seattle, WA—Building on Microsoft’s and Amazon’s success, Seattle is a magnet for tech talent. The city boasts a wealth of tech stars, including Zillow and Redfin, along with a promising start-up culture.
- Austin, TX—Austin is one of the big winners, with Tesla and Oracle being among the recent companies to move their headquarters to this hip Texas city. It also enjoys hosting operations of IBM, Apple, Dell and Google.
And the Lesser Known…
- Huntsville, AL—Long known as “Rocket City” for being home to NASA’s Marshall Space Flight Center, U.S. Space and Rocket Center, and the U.S. Army’s Aviation and Missile Command Center, the city is making a strong play for tech start-ups and established companies with a supportive culture and a low cost of living.
- Atlanta, GA—Its “Atlanta Tech Village” has been a start-up catalyst that has made this city one of the nation’s largest start-up tech hubs.
- Minneapolis, MN—Another start-up star, this Midwestern city recently introduced “Launch Minnesota Network,” a grant-making organization that expects to support start-ups through financial grants and networking.
- Jacksonville, FL—The World Economic Forum listed Jacksonville as one of three American smaller cities with one of the fastest growing pools of tech talent in the world. It remains poised for continued growth thanks to a recently formed partnership between SkillStorm, a tech talent developer, and Jacksonville University.
This geographical spreading of tech opportunity is a message to investors that Silicon Valley no longer stands as the only place where tech wealth is generated.
Please reference disclosures: https://blog.americanportfolios.com/disclosures/