High valuation versus sustainable tech
This article asks why tech companies choose NYC over the West. It is a classic coastal conversation, but it is also a “life style and values” versus straight cash dichomty.
Theory & conversation suggests that the East Coast, anchored by NYC, lacks the ecosystem for high valuation tech. In large part that may be the case. But we should ask what the community benefit is of high valuation tech versus what I would call sustainable tech.
Is there community benefit when one company sells out to the big tech oligopoly for millions or billions? Probably some. Is there community benefit when start ups have a steady rise to become business community players and employers? Probably more than a small set of new millionaires.
So perhaps for all non-Sillicon Valley cities the challenge is not to straight out compete, but to build sustainable tech companies. Companies that will be local leaders that invest locally.
Because high valuation = short term profits for a few instead of wealth building for many. So, I say the rest of us should aim for the perspective that in a total economy slow & steady wins the race. And if we make some millionaires, invite them to stay because our communities are strong and lovely places to live.