12/12/2023 0 Comments Silicon valley venture capital firm![]() "People in that city are really rallying together to try to create more momentum and tell their story both locally. "There's sort of a network effect, network density, if you will, which is one of the great things about Silicon Valley," Case said. Ultimately, he added, the innovation hubs across the U.S., including Silicon Valley, are a testament to the people who live there and how they collaborate. REUTERS/Lucas Jackson (Lucas Jackson / Reuters) Here, CEO David Katzman stands with founders Jordan Katzman and Alex Fenkell as the company debuts its IPO at the Nasdaq MarketSite in New York, U.S. ![]() Nashville-based startup SmileDirectClub capitalized off the city's booming health care sector. ![]() try to get small companies to be successful." In other words, they "don't try to get big companies to move headquarters. "Usually the mayor, the governors are championing startups, really recognizing that's a better path to run economic development," Case said. The report also pointed to Dallas's Task Force on Innovation and Entrepreneurship, a program that the city's mayor Eric Johnson pioneered to attract new startups to the North Texas region. Government support helps too.įor instance, the Raleigh-Durham area benefits from a triad of three major universities - Duke University, the University of North Carolina, and North Carolina State University - which the report calls "founder factories" for new ideas and entrepreneurs. Strong universities tend to abound in innovation hubs. There are other key traits that rising cities share, Case explained. (Source: Pitchbook, Revolution) ((Source: Pitchbook, Revolution)) "And while Silicon Valley will still be the leader of the pack for sure, and New York and Boston will still be very, very strong, we'll have a more dispersed innovation economy, more jobs being created in different parts of the country, more economic growth in different parts of the country, and investors who recognize this is a trend."īay Area seed- and early-stage US VC dollars are increasingly being invested outside of Silicon Valley, New York, and Boston. "Our expectation over the next decade is we really will see a dispersion of capital, in some part driven by this dispersion of talent," Case said. Then over time, some of those employees are likely to try their own hand at entrepreneurship and strike out on their own, fueling the city's momentum. In areas such as Salt Lake City, for instance, established successful companies and former startups like Qualtrics attract talent to the area. "Often, the business community is engaged to support the startups, not just the big companies helping themselves but the big companies partnering with, mentoring sometimes, investing in the smaller companies." "Generally in these cities, there has been a tent-pole company that's been successful and created spin-off capital and some other people doing other kinds of things," Case said. ![]() The proliferation of remote work, a trend that the pandemic has amplified, is one reason why these up-and-coming hives of startup activity are more geographically scattered, Case explained. (Photo by Brian Spurlock/Icon Sportswire via Getty Images) (Icon Sportswire via Getty Images) A wide angle generic view of the Nashville Downtown Skyline as seen before the Big Machine Music City Grand Prix on August 8, 2021.
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