Mention startups and the first thing that comes to mind is the hotbed of innovation and technology, Silicon Valley. Some of the world’s most innovative and high-value companies come from this region. How did this area in California become the hub of technological advancement, innovative start-ups and the best place to grow a business? There are numerous reasons and we shall present a few below.
Here’s why Numerous Silicon Valley Startups are successful
Plenty of Investors and Funding
It’s well known that Silicon Valley is the center of investors who are happy to groom startups and invest their hard earned money on them. Rather than paying up huge taxes to the US Government each year, investors are looking out for innovative businesses which will pay them high dividends in future.
The sheer number of startups blooming in Silicon Valley ensures sufficient success stories which investors are ready to chase. Startups are bursting with confidence due to this increased financial support, alongside the mentorship, guidance, and connections provided by the investors.
Where Academia, Private Sector, and the Government Meet
Some of the world’s best universities and talent can be found in Silicon Valley. In fact, there’s plenty of cash and a very stable place to launch a startup for any kind of business. With the right mix of talent, skills, and connections, success is bound to find you. It’s a junction point for academia, private sectors, and the US Government. With top-notch universities like Stanford and Berkeley, there’s a constant influx of new ideas and budding entrepreneurs.
The result of this heady mix is talented tech minds, business people, researchers, vibrant capital community and experienced people to pull you up. Besides, the laws are favorable and helpful in launching a business in California.
Access to Amenities
Another solid reason for the boom of successful startups is the access to amenities in the area. Since it is near San Francisco, where the amenities are in plenty, which includes world-class hotels, conference centers, unique entertainment options and a lot more, it’s hardly surprising that entrepreneurs are making it their home and settling for the best. Such amenities bring potential investors, clients, and new business to the city. The target market is huge and people are willing to try out new trends.
Platform gave more Precedence than Product
The business world always looks at products that can be sold to make money and be successful. However, more product output doesn’t mean long-term profitability. Especially in Silicon Valley, physical products are not what spell success to their startups. It’s here that platform development is given more precedence over product innovation. Innovative companies like Facebook are building platforms to suit the demands of their users, so platform focus is how the future should be.
Now that you know why your startup could easily flourish in Silicon Valley, here are a few startups from Silicon Valley to watch out for in 2018.
Founders: Shanna Tellerman
This company provides homebuyers with a digital platform where they can design their own virtual furniture. You can just upload a picture of the room where you want to add the furniture, provide dimensions, and voila, a 3D model is ready for you. The platform then connects you to interior designers who will bring your imagination to life.
Modsy is path-breaking for transforming the interior designing industry interspersing it with a digital platform.
CEO: Jennifer Cook
Based in Menlo Park, California, GRAIL has over careful research, developed a blood test, which allows for early detection of cancer. This life sciences startup with a mission to cure cancer with early detection has venture funding and is in the expansion stage after signing up a massive $238.35 million.
Founders: Jay Srinivasan, David Kaneda, Pratyus Patnaik
This startup is all about simplifying the employee ticketing process with a software powered by artificial intelligence which integrates with the popular app, Slack. It answers employee questions and assigns tickets to the HR department and management. It connects an employee to the right point of authority to answer any queries in a company.
This helps companies drive better internal efficiency. Spoke has some high-profile investors like Accel Partners and Spider Capital and are keen on improving the way companies handle their daily tasks.
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