San Francisco has become the bridge between America’s money and ideas.
Venture capitalists are the financiers of high-tech innovation. The unique form of equity financing—which exchanges capital for shares in the enterprises they provide—has fueled the rise of revolutionary companies like Intel in semiconductors, Apple in personal computing, Genentech in biotech, Google in search, and Facebook and Twitter in social media.
First and foremost, venture capital is more distributed than it was in the late 1980s when Kenney and I conducted our original studies. While Silicon Valley remains a leading center for venture investment, it appears less dominant than it once was. Within the Bay Area itself, the San Francisco area has in fact overtaken it as the nation’s leading center for venture capital.
Read more: Quartz San Francisco, not Silicon Valley, is the hub for US venture capital