2. This is all true, BUT...● The reason Singapore emerged was not due to its low marks in preceding slide● It was due to factors NOT MENTIONED above● If you only use criteria where US excels at, clearly all other places will get low marks because nothing is as similar to US as US itself● So lets use Estonia as reference point, and pretend we dont know the Valley is successful
3. Why Silicon Valley will never succeed● No widespread digital signing of documents; in Estonia you need just Internet and 60 seconds to sign a legally binding multiparty document. In US, you actually need to scan or fax papers...● Seed, Series A etc legal costs 10x higher – hard to see why any investors would want to operate in the Valley at all● Some Americans still use checks to transfer money – what a technologically backward country! In Estonia EVERYONE uses internet banking, incl grandmothers
4. Wait, theres more...● The US is not used to disruption – e.g. no major political change in the last 300 years. Estonia has had no stability to get used to● Little international cooperation: Americans speak just one language – hard to build any globally appealing stuff there
5. So IF anything major emerges in Estonia inthe next 30 years, it is because of someoverlooked advantages. Right now, nobodycan even predict what these would be. Noteven Estonians themselves can.