Layoffs, remote work and pandemic-era changes are reshaping where workers live and tech gets made.
SAN FRANCISCO — As a computer science student in the Midwest, Alex Valaitis idolized Silicon Valley, drawn to the Bay Area like a theater major dreams of Broadway. But after five years of “soul-crushing” tech work, an exodus from San Francisco and rising crime in the city, Valaitis decamped in June 2021 for Austin.
These regions still pale in comparison to Silicon Valley, which in 2022 drew $74.9 billion in investments across 3,206 deals. That’s about $45.36 billion and 1,058 deals more than New York, the second highest region for VC fundraising. The Silicon Valley region was also the home of 86% of start-ups, up from 53% last year, funded by famed start-up accelerator Y Combinator.
“That’s really created room for young, very technical, traditional hacker types to come to San Francisco,” she said. “It’s giving the city a personality it may have lost in years prior.”, an area in the Hayes Valley neighborhood where hacker houses filled with young start-up workers focused on AI are popping up. Kimmel compares the feeling to the Silicon Valley region during the early days of the internet, when people were huddling to work out of garages.
Atli Thorkelsson, vice president of talent network at Redpoint Ventures, says Austin has grown as a hub for marketing, sales and customer teams for tech companies, and New York is capitalizing on a mixed bag of talent including those in financial tech, health tech and insurance tech. “It’s great to be here and build your connections,” he said. “Then after that, live your life and have fun. I’m a young guy. I want to enjoy my 20s.”
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