The enormous and sustained success of Silicon Valley has excited
interest around the globe. Startup companies the world over are
attempting to emulate its high tech businesses, and many
governments are changing their institutions in order to foster
Silicon Valleys of their own. What accounts for the Valley's
leading edge in innovation and entrepreneurship?
This book gives an answer by insiders, by prominent business
leaders and academics from the heart of the Valley. They argue that
what distinguishes the Valley is not its scientific advances or
technological breakthroughs. Instead, its edge derives from a
"habitat" or environment that is tuned to turn ideas into products
and take them rapidly to market by creating new firms.
This habitat includes supportive government regulations for new
firm formation, leading research universities that interact with
industry, an exceptionally talented and highly mobile work force,
and experienced support services in such areas as finance, law,
accounting, headhunting, and marketing, all specializing in helping
new companies form and grow. Not least is a spirit of adventure and
a willingness to take risks.
The elements of this habitat are packed into a small geographic
area. In it, networks of specialists form communities of practice
within which ideas develop and circulate and from which new
products and new firms emerge. Feedback processes are strongly at
work: the successes of Valley firms strengthen the habitat, and the
stronger it becomes, the more new, successful firms are created.
Among industries, electronics came into the Valley first, followed
by semiconductors, computers, software, and, in the 1990s,
biotechnology, networking, and the Internet. This extraordinary
ability to keep adding new industrial sectors itself affects the
prospect for the Silicon Valley's future. What lies ahead? From
within, the Valley faces serious challenges in defining a new
generation of entrepreneurs, addressing a growing digital divide,
and maintaining quality of life. At the same time, the Valley must
redefine its global role with respect to other rising innovative
regions worldwide. Nevertheless, the proven ability of its highly
effective habitat suggests that in both innovation and
entrepreneurship, Silicon Valley will maintain its edge.
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