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Silicon Valley looks north as tech giants expand in Toronto(2)
Kind: ICD What's New  Organization: Department of International Cooperation  Publish Date: 2020-01-20 16:16
Silicon Valley looks north as tech giants expand in Toronto(2)

The Economist report noted that many Silicon Valley startups are branching out into new locations for a variety of reasons, the chief one being sheer expense. The cost of living in the Silicon Valley region is among the highest in the world. Young startups pay at least four times more to operate in the Bay Area than in most other American cities. As for home prices, the median price for a single-family dwelling in the core region is roughly US$1.2 million, nearly double the figure for New York City and six times the U.S. median price of US$217,000. Meanwhile, new technologies, from quantum computing to synthetic biology, offer lower margins than Internet services, making it more important for startups in these emerging fields to husband their cash. Thanks to the tools that the Valley’s own firms have produced, from smartphones to video calls to messaging apps, teams can work effectively from different offices and places. And Internet services, video calls and convenient air transportation all make the shift more possible.

The report pointed out that in 2018, more Americans left the county of San Francisco than arrived. According to a recent survey, 46 percent of respondents say they plan to leave the Bay Area in the next few years, up from 34 percent in 2016. Therefore, many startups are branching out into new places. Those that stay have broader horizons: in 2013 Silicon Valley investors put half their money into startups outside the Bay Area; now it is closer to two-thirds.

Sources: The Economist, Commercial Times, National Geographic, Zillow

Update: 2019-06-17
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