Ten Community Strengths Responsible for the Economic Success of Silicon Valley

During the 1980s and 90s, the Silicon Valley created the conditions that fueled an economic expansion that still is the envy of the world. 

The Silicon Valley Economic Engine

The Ten Golden Elements:

1. Large percent of citizens are highly educated, meaning literacy and critical thinking skills -- may consist of a good mix of advanced degrees;
2. Local universities and colleges conducting relevant research and development, sponsored by industry, with an efficient transfer of intellectual property to commercial use;
3. Local government favors economic development (e.g., zoning, tax incentives, no permit fees, reduced regulations, etc.)
4. Merit-based participation where if you have game you can play, regardless of background and demographics;
5. Coopetition and developing a disruptive industry requires a diverse mix of companies at each level of the development and distribution channel;
6. Learning environment with sharing of success and failures adding to the knowledge base of the community;
7. Great culture in which creative minds have access to recreation, the arts and intellectual conversations;
8. Superior collaboration infrastructure supported by ubiquitous access to state-of-the-art telecommunication technology;
9. Access to funding with a great network of angel, venture capital, and equity investors; and,
10. Quality of life which means a pleasant and safe living environment (e.g., weather, clean air and water, safe neighborhoods, abundant green space, etc).

Growth these strengths to construct a long-term economic development plan. Some communities have natural access to each of these attributes. Others need to assess their weaknesses and implement programs to correct their shortfalls. Success can be obtained by having a majority of the elements covered; but, the synergy of having all ten leads to a vibrant, growing local economy.

Perhaps the most important attribute is Quality of Life, when implementing your programs be sure to protect this attribute. Although the Silicon Valley continues to be successful, the quality of life has deteriorated. This shift in the quality of living has led to key members of their ecosystem moving away.