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Valuations are often smoke and mirrors. So many companies are just burning through cash until they "catch a big break." That's obvious to even the most casual observers of the free market. And that lack of a more realistic and cautious approach is precisely why Silicon Valley has overextended itself in the first place (Silicon Valley Bank, anyone?) and is continuing to reap the economic consequences as we type.
Furthermore, this notion that the Bay Area will continue to be the driver of innovation ad infinitum is incredibly myopic and frankly, laughable. The East Coast has medical innovation on lock, for example, which is FAR more consequential than the useless consumer and social media tech that comes out of California, which is arguably destroying our society more than enhancing it. And let's not pretend there aren't enormous potential ramifications of AI, something I'm sure the SV crowd could care less about, so long as they're the ones striking it rich.
And those companies use software. The Bay Area has and will continue to lead. Just like Wall St will always be the financial epicenter of the solar system.
Seattle tends to be a mid-major on VC lists...better than this quarter, but still not near the top. One reason is that in a city with 120,000 jobs at Amazon/Microsoft alone, it's hard to find employees who will take the leap. San Fransisco is the only city that's strong in both mature companies and start-ups.
I think this is definitely a real thing. For many years in Austin the best tech jobs were at startups, and the big F500 employers were all pretty dinosaur-y (IBM, Dell, Oracle, etc). Nowadays all but one FAANG company has a large office in Austin and it's a really big ask getting people to take a massive pay cut for an equity lottery ticket. Recently it's started to shift back the other way again with the current downturn in big tech and several of the FAANG having frozen hiring and had layoffs.
The other side I think is that a lot VC comes out of universities, and UW doesn't quite match what is in Boston or the Bay Area.
S.F is still not "dying" like the media has been saying lately, NYC and Boston with very healthy numbers, Nashville is the new kid on the block (fantastic numbers btw) and Miami is indeed, not the new Silicon Valley. Definitely looking forward to see Q2 results shortly.
Bay Area folks on here often have a superiority complex that manifests like this. You see it also with the weird obsession over the few companies that relocated to Texas. Not one person with a clue in Texas thinks that Texas is anywhere close to encroaching on the Bay Area's dominance in the tech space, but that doesn't stop the posters on here of continuously reminding us of this fact that we already know.
Chicago not even being top 10 is embarassing. Something's wrong when cities like Phoenix and Nashville are outdoing the former 2nd largest city in the country
VC is volatile and flucuates wildly. Chicago was ranked 4th in Q4 of 2022 by the same report:
Bay Area folks on here often have a superiority complex that manifests like this. You see it also with the weird obsession over the few companies that relocated to Texas. Not one person with a clue in Texas thinks that Texas is anywhere close to encroaching on the Bay Area's dominance in the tech space, but that doesn't stop the posters on here of continuously reminding us of this fact that we already know.
You're one of my favorite posters, but what are you talking about?
Late 90s, soon after college and during the long painful death of Lotus. I remember a highly paid Boston-based exec telling me Intranets were just a trend, people would never buy business software over the Internet, and people would use Lotus Notes for decades.
Why am I not surprised this turned into a Boston vs the world thread
It really turned into a San Francisco vs the world thread. Boston is just caught in a little game of cat and mouse, partially because of me.
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