Has Silicon Valley lost its monopoly over global tech?
According to The Economist, Silicon Valley has changed in the post-COVID-19 age in the following ways:
- The Silicon Valley spirit is spreading across the world. To benefit from the funding, talent, and know-how, you don’t need to physically be in Silicon Valley. New emerging digital hubs in the USA are Austin and New York.
- Europe is gaining digital momentum. Venture capital investment in Europe has risen from under US$40 billion in 2019 to over US$93 billion in 2020.
- Fundraising is getting easier and faster. You can pitch venture capital via Zoom or a recorded video. ‘Promising start-ups can raise funds in days instead of weeks.’