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¿SILICON VALLEY se muda a Texas? - Hay un ciudad muy atractiva para STARTUPS y EMPRENDEDORES - YouTube
Channel: Economia y Desarrollo
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Silicon Valley or Valle del Silicio in Spanish is located in the San Francisco Bay,
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California. It is recognized worldwide for being the headquarters of the largest
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technology companies in the world and thousands of small companies,
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better known as startups. Its name is due to the fact that initially there were a large number
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of silicon chip manufacturers but finally Silicon Valley ended up making
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reference to all the computer technology companies that settled in this area.
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Some of the companies that have established their headquarters in Silicon Valley are: Intel, Yahoo, Apple,
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Ebay, Google, Facebook and Hewlett Packard. The latter was precisely the one that gave rise to
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the Silicon Valley in California. In 1938 Bill Hewlett and David Packard started a home garage business in
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Palo Alto and a year later founded the famous Hewlett Packard company. In fact,
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in 2000 the company bought the property to preserve the symbol of being considered:
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“the origin of Silicon Valley”. However, in early December 2020, it was announced
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that Hewlett Packard Enterprise was moving its headquarters to the state of Texas. Days later,
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another tech giant; Oracle, after more than 40 years in California, announced its
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plans with the same intentions: to move its headquarters to Austin, the capital of the state of Texas.
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This was said by an Oracle spokesperson: "We believe that these moves better position the company
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to grow and provide our people with more flexibility about where and how they work." And another
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important move that was confirmed at the end of 2020 is that Elon Musk also moved to Texas.
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And while it has suggested it would move Tesla, this has not happened yet, but the company
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is building a huge factory in Austin where the Tesla Cybertruck and other
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models will be made. In addition, he has another project underway in South Texas to develop a starship.
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With the arrival of some renowned companies from Silicon Valley in California, it is
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beginning to be said that Texas will become the next Silicon Valley of the United States. In
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an index of tech cities conducted by an organization that issues professional
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certifications for the tech industry. The city of Austin in Texas,
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for the second consecutive year, ranked first among the best technological cities
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to live and work in the United States. In 2018, 46 technology companies moved to Austin,
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in 2019 there were 58. In total, the job offers published in
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the technology sector were more than 68 thousand between August 2019 and July 2020;
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an increase of more than 19 thousand offers compared to the previous year. The Austin metropolitan area,
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with a population of 1.7 million, is home to 5,500
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startups and tech companies, for which it has come to be dubbed "Silicon Hills."
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Even amid the tech boom and being named the fastest growing
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metropolitan area in America, it remains one of the best places to live,
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in terms of cost of living. In the sub-indices of the report that project
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employment growth in the sector for the next year, as well as that of the next 5 years,
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Austin ranked first among the 20 cities analyzed. On the other hand,
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San Francisco, California ranked seventh in the overall ranking and in the cost
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of living sub-index adjusted to median household income, it ranked second to last. As
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mentioned in several previous videos, high taxes and the high cost of living, on the one hand,
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and on the other, the labor flexibility that the pandemic produced have motivated the internal migration of
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millions of Americans to other states or to cheaper housing . And in the same way,
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companies could be looking for less expensive labor and lower taxes and rents.
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To get an idea of these differences, as of October 2020,
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the typical home price in Texas was $ 242,000, while in
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California it was over $ 700,000. In the Business Tax Climate Index,
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conducted by the Tax Foundation, California ranked second to last among all
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states and Texas ranked 11. Even so, with these marked differences,
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the question is whether it is really possible that Texas is the next Silicon Valley.
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Despite the fact that several well-known companies and influential figures such as Elon Musk
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have moved in , it seems not enough for cities like Austin or Dallas to
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replace Silicon Valley as a leader in innovation and the development of new technologies,
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at least in the short term. Silicon Valley is still the main recipient of venture capital
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in the United States and it is not so easy to think about a massive relocation of companies. In
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the Technology Cities Index, it says that between August 2019 and July 2020,
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a total of 168 thousand job offers in the technology sector were registered, much higher than the
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68 thousand in Austin. In addition, there is an elite of investors who have already generated enormous
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wealth thanks to successful startups that have emerged in Silicon Valley. So it's likely
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that Silicon Hills in Austin won't replace Silicon Valley's leadership in San Francisco,
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but it does represent a competition and an increasingly important and attractive place for
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workers and investors in the technology sector.
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There are factors and trends that favor Austin and its growing "Silicon Hills."
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Texas has been a high-tech state for more than 50 years,
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home to NASA Mission Control and Dell Computer, founded in 1984 in
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Austin and dominating the personal computer market for many years.
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Just as Stanford and California Universities were so important to
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Silicon Valley, the University of Texas has spent decades investing in science and
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engineering programs. It also has a young population, in 2018, Austin was the second city in the country with the
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highest percentage of population between 20 and 34 years of age, which is why it becomes
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a large reserve of local talent and future demand to promote any type of business.
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On the other hand, Austin saw a huge increase in startup funding. In 2019,
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startups raised $ 1.84 billion, 19%
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more than in 2018 and 87% more compared to 2017; it is still well below
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the capital received by Silicon Valley, but if these rates hold, they
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could be a big leap forward for Austin in the medium term.
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In short, Silicon Valley will not lose its leadership anytime soon, but it will no longer be alone at the
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top. Texas, and Austin in particular, are becoming increasingly attractive to entrepreneurs,
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professionals, and companies of all sizes. Miami, although it doesn't have a long history as
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a tech hub, is becoming a hotbed for entrepreneurs,
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especially foreign-born looking to build a global client base
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from there. The threat to Silicon Valley doesn't just come from other cities in the United States;
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it also comes from abroad. The year of the pandemic accelerated trends that were already underway:
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the globalization of technology investments and the birth of new companies such as Alibaba and
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Huawei, or the emergence of a Chinese Silicon Valley in Shenzhen. The 2020 Bloomberg Innovation
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Index , an analysis that measures the number of high-tech companies,
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manufacturing potential and spending on research and development,
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ranked the United States in ninth place in the world, after having ranked first.
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in 2013. According to the report, the dominance of the United States is being challenged
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by the rapid rise of other cities in Europe, China and India. Increasingly, the
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North American country is losing its ability to recruit highly qualified personnel,
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who are instead staying more and more in their countries of origin.
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In conclusion, California is likely to cease to be a mecca for technology and
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entrepreneurship as there is no state policy to reverse the trend
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of business and resident migration . If growth trends in other regions continue, Silicon
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Valley will share its leadership with other cities in the United States and around the world in a few years.
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Can Silicon Valley maintain its status only because of history and hegemony? What other cities
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have the potential to compete with Silicon Valley? The video ends here,
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remember that you can leave your opinion in the comments and thank you for watching the entire video.
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