Stealing the Silicon Valley Economic Playbook
For any region to become an entrepreneurial powerhouse it must adopt the 10 economic strengths that enabled the Silicon Valley to dominate the high-tech world.
The 10 Economic Strengths:
- Favorable Mindset – Social innovation and entrepreneurship are highly valued. Community committed to economic development and inclusion.
- Knowledge Density – A cauldron of in-depth target industry knowledge and ideas for new products, services, markets, and business models.
- A High-Quality and Mobile Workforce – Become a magnet for targeted industry entrepreneurial professionals. These talented individuals easily move between opportunities that match their expertise.
- You Can Play If You Have Game – Age, ethnicity, seniority, and experience are not what dictate opportunity or responsibility. This inclusion enables ideas to succeed based on merit and diverse experiences.
- Lean Start-ups — Risk-taking rewarded and failures tolerated. Go to market with Minimum Viable Product (MVP). Business models are continuously adapted from lessons learned and developed intellectual property.
- Open Social Business Environment – Although there is competition, there’s a larger attitude towards social interchange and sharing knowledge. Strong community identification and commitment to its betterment.
- Highly Efficient Technology Transfer Structures/ Open Systems – Rapid assimilation of advanced research from institutions and universities in which to build proprietary extensions.
- Effective Alignment of Business, Government, and Nonprofit Organizations – Well defined urban planning and development. Pro-business. High quality education system. Appropriate level of social services provided by nonprofit organizations.
- High Quality of Life – Affordable living conditions with access to major cultural, entertainment, and intellectual attractions and institutions.
- A Specialized Business Infrastructure – A large array of support services for emerging businesses, including venture capitalists and investors, lawyers, head-hunters, finance and accounting professionals, consultants, and a host of other specialists.
The single characteristic that allowed the Silicon Valley to stand head and shoulders above the rest: High Quality of Life. Now with extensive overcrowding and the high cost of living, Silicon Valley has lost this distinction and people are leaving the valley, all bets are off.
Posted in Economic Development, Entreperneuialism, Social Innovation
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