Silicon Valley’s new look
Okay, everybody knows what is Silicon Valley, and its place in the tech world. Many countries all over the world are trying to create the kind of market conditions needed for attracting talented people, new ideas, startups that may become unicorns in the short period of time and improve economic situation in the country. That is to say to create its own Silicon Valley.
What is the secret souce of the USA, that helped them create a perfect ecosystem for startups? And most wonderful thing — no one can succed in copying it and continue to miss out!
In my opinion the most attractive thing about Silicon Valley is its regulatory infrastructure. It’s not an easy thing for any country to change legislation of the whole country in order to compete with Silicon Valley. And it’s impossible to foresee advantages and disadvantages of the law transformation. Probably it could help creating perfect market conditions that would attract more startups, more investors, more money in the country, create new working places. But at the same time there is a high risk that changes in legislation could make harm to the existing and working relations between companies, authorities, citizens of the counry.
Seems like utopia - no country in a world will ever be able to compete with Silicon Valley.
Have you ever herd about Swiss canton Zug? If not you definitely should do it right now. Arguments why everyone who is interested in Blockchain, ICO, venture funds, startups and new technologies should be aware of a new Silicon Valley rival are listed below:
- Zug persuaded more than a dozen virtual currency firms to set up shop there and in nearby towns. These include Ethereum, the foundation that provides the technology behind ether, the main rival to bitcoin, and digital currency exchange ShapeShift.
- Launched a pilot program allowing residents to make bitcoin payments for government services.
- Government’s minimal invasion of corporate coffers.
- Created complex web of interconnected entities, all advocating innovation.
- Positive regulatory infrastracture (especially with blockchain, ICO, cryptocurrencies).
- Low taxes.
Also I need to mention that Zug has one of the most essential supporters of fintech startups — the Swiss Financial Market Supervisory Authority (FINMA). As a regulatory authority, FINMA could easily promote or obstruct the growth of businesses working with emerging financial technology, like blockchain-based distributed ledgers.
To name but a few, but all these facts could allow Zug become second Silicon Valley. Shall see.