Located in Northern California and in the United States, the place and the term that has fascinated techies around the world, is actually an always progressing and ever-expanding economic region. It was named so because Silicon Valley was the hub of the silicon chip industry, Fairchild Semiconductor in Mountain View. With the increasing growth of industry and economy, the price of real estate also hiked and the economic reign of Silicon Valley began came to its full bloom. It continues to grow in 2019 and the Silicon Valley companies now stretch from Monterey to Santa Rosa and Santa Cruz to Grass Valley. In fact, many high-tech companies like to call them part of the greater Silicon Valley region.
What Makes Silicon Valley Unique And Successful
As discussed above, Silicon Valley located in San Fransisco, California is the U.S. epicenter for innovative technology companies. More than 2,000 tech companies have chosen Silicon Valley as their home, which makes it the densest concentration in the world. This place gives a competitive advantage to all the professionals working in close proximity to suppliers, customers, and cutting-edge research teams. Moreover. Professionals working in Silicon Valley are the best minds in their fields and are also the leaders in their respective industries like those of software, social media, and other uses of the internet. Companies located in Silicon Valley also manufacture lasers, fiber optics, robotics, and medical instruments.
Interestingly, Silicon Valley was named for the silicon needed to make semiconductor computer chips.
Silicon Valley has come up as the center for innovative companies that became highly profitable. Companies here create jobs, profit the state by producing more tax revenue, and higher stock prices. That is the reason why Silicon Valley gives the United States a huge advantage over other countries.
However, not all the benefits of Silicon Valley are enjoyed by U.S. citizens as many excellent tech jobs are outsourced to those foreign-born workers who have mastered the engineering skills needed. Moreover, not many software engineers are American born or graduates from U.S. universities.
Silicon Valley works with the spirit of cooperation. Most of the founders of local companies were schoolmates and they promote each other regardless of the competition and the company’s affiliation. Personal loyalties do play a huge role here.
Information exchange happens smoothly here because of the professional networks. Companies collaborate with each other successfully.
The prohibition on non-compete clauses by the State of California has promoted cooperation between the employees. The star performers, who are doing great in their respective fields can leave a company and can test out their new ideas by starting their own companies.
The cultural diversity of Silicon Valley has also played a huge role in its success. Most of the startups here were founded by the immigrants between 1995-2005. This is because Silicon Valley attracts the best engineers from around the world.
The most renowned universities like Stanford University, University of California at Berkeley, San Jose State, and community colleges. are located near Silicon Valley.
Apple, Facebook, Google, and Netflix are the most renowned companies in Silicon Valley. Tesla, Twitter, Yahoo!, and eBay also got launched here. Big business support companies like Cisco, Oracle, Salesforce.com, Hewlett-Packard, and Intel have also located here.
Future Of Silicon Valley:
Even today, Silicon Valley remains the venture capital and the world’s hotspot for software and hardware innovation.
The process was gradual and it majorly started in the ’70s and ’80s. However, things have begun to change now. The business elements of the software industry are now posing a great threat to the engineering culture in Silicon Valley. But Silicon Valley still has the highest concentration of software and hardware engineering talent in the world.
Silicon Valley still has the maximum number of highly educated professionals who have an occupational history and excellent experience in software industries.
Though Silicon Valley is facing competition from the other software counterparts of the business world, its economy is still very dynamic. In fact, records say that thousands of professionals are being hired by startups in Silicon Valley on a daily basis while other industrial power-cities like Pittsburgh(steel) or Detroit(cars) have begun to underperform with time. Going by the current scenario and economic and business facts, Silicon Valley will continue to rule the economic world.