Silicon Valley is one of the most fertile grounds in the world for the development of new ideas and creative solutions. Given its nearly unique set of attributes—the presence of technology behemoths, first-rate universities, abundant venture capital, and a hypercompetitive yet collaborative culture that celebrates both risk and failure— the Valley’s recipe for innovation has rarely been replicated.
Silicon Valley has been driving innovation for decades. Through the beginning of the 21st century, it continues to be one of the world’s most important centers of technology disruption. However, for much of the past decade, the region also has strained to absorb the fast growth of the tech sector. As head counts of highly paid engineers swelled, housing costs soared and traffic gridlock rose, the pandemic created the opening for a small but prominent roster of tech companies and investors to leave.
What’s the current state of affairs? If anything, what did change? What remains the same?