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Russell Hancock about Silicon Valley 10-10-2011 at AIM event

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Silicon Valley
America’s Pathbreaking Cluster Economy




                           Russell Hancock
                  President & Chief Executive Officer
                         Joint Venture Silicon Valley

                                   10 October 2011
What is
Silicon Valley?
Some things Silicon
Valley is NOT:
 •NOT a place you can point to on a
 map
 •NOT a place with a defined identity
 •NOT a planned phenomenon
 •NOT characterized by silicon or
 semiconductors
So, what is
Silicon Valley?
What is Silicon
Valley?
1,500 square miles
35 Cities, 4 counties
2.4 million people, 41 percent
foreign born
1.2 million workers
81 percent high school
diploma; 40 percent college
degree
25 percent of workforce in
high-skill occupations
Income average 60 percent
higher than US
6 percent US GNP, 11
percent of US patents
Productivity rate growing
50% higher than US average
So what is Silicon Valley?



A remarkably
enduring hotbed of
innovation and
entrepreneurship

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Russell Hancock about Silicon Valley 10-10-2011 at AIM event

  • 1. Silicon Valley America’s Pathbreaking Cluster Economy Russell Hancock President & Chief Executive Officer Joint Venture Silicon Valley 10 October 2011
  • 3. Some things Silicon Valley is NOT: •NOT a place you can point to on a map •NOT a place with a defined identity •NOT a planned phenomenon •NOT characterized by silicon or semiconductors
  • 5. What is Silicon Valley? 1,500 square miles 35 Cities, 4 counties 2.4 million people, 41 percent foreign born 1.2 million workers 81 percent high school diploma; 40 percent college degree 25 percent of workforce in high-skill occupations Income average 60 percent higher than US 6 percent US GNP, 11 percent of US patents Productivity rate growing 50% higher than US average
  • 6. So what is Silicon Valley? A remarkably enduring hotbed of innovation and entrepreneurship
  • 7. Our most important characteristic: We keep re-inventing ourself Silicon Valley’s Waves of Innovation
  • 8. America’s Top Patent Generating Cities RANK CITY REGISTERED PATENTS 1 SAN JOSE 1,960 2 Austin 1,221 3 Boise 1,028 4 San Diego 900 5 SUNNYVALE 842 6 PALO ALTO 766 7 FREMONT 698 8 Houston 661 9 CUPERTINO 633 10 MOUNTAIN VIEW 522 Source: Silicon Valley Index, 2010
  • 9. Milestone Silicon Valley Innovations Vacuum Tube 1940s Transistors 1950s Semiconductors, Defense 1960s Technology Integrated Circuit, Graphical User 1970s Interface Personal Computers, Workstations, 1980s Relational Databases, Biotechnology Network Computing, Packet 1990s switching, Internet Search Social media, Web 2.0 2000s
  • 10. However, the Valley’s edge doesn’t stem from innovation alone …
  • 11. … but also from entrepreneurship Defense Electronics 1950s Hewlett-Packard, Varian Semiconductors 1960s National Semiconductor, Fairchild, Intel, AMD Biotechnology 1970s Genentech, Genencor Personal Computers, Workstations 1980s Apple, Silicon Graphics, Sun Network Computing, Packet Switching Cisco Systems, Sun 1990s Internet Netscape, Yahoo, eBay, Google Social Media 2000s Facebook, YouTube
  • 12. The Valley also generates new business models Internet-based commerce (Netscape) Free search, supported by advertising (Google, Yahoo) Music downloads (Apple itunes) Social networking (Facebook, MySpace) Consumer as producer (You Tube)
  • 13. Largest Silicon Valley Employers 1982 2002 1. Hewlett-Packard 1. Hewlett-Packard 2. National Semiconductor 2. Intel 3. Intel 3. Cisco* 4. Memorex 4. Sun* 5. Varian 5. Solectron 6. Environtech* 6. Oracle 7. Ampex 7. Agilent* 8. Raychem* 8. Applied Materials 9. Amdahl* 9. Apple 10. Tymshare* 10. Seagate Technology 11. Palm,* Google,* Cadence,* Adobe,* Yahoo* *no longer existed in 2002 *didn’t exist in 1982 Source: Stanford Project on Regions of Innovation & Entrepreneurship
  • 14. Largest Detroit Employers 1982 2002 1. General Motors 1. General Motors 2. Ford 2. Ford 3. Chrysler 3. Daimler-Chrysler Source: I made it up!
  • 15. But the other story is Silicon Valley’s small companies Source: Joint Venture: Silicon Valley Network, Silicon Valley Index (2005)
  • 16. Technology Regions Will Always Experience “Boom-Bust” Cycle • New technologies drive dynamic waves • Entrepreneurs take advantage of new opportunities • Swarms of new firms cluster around new technologies creating short term bubbles • New products eventually become commodities, bubbles burst. • New technologies emerge from the convergence of old technologies and the process of “creative destruction” begins again
  • 17. “SILICON VALLEY LOSING ITS EDGE.” Cover Story, Business Week. “DREAMS OF STRIKING IT RICH FADING IN SILICON VALLEY.” Front page, Los Angeles Times “SILICON VALLEY WILL NO LONGER BE AN ICON.” Po Bronson, Wired
  • 18. “SILICON VALLEY LOSING ITS EDGE.” Cover Story, Business Week, 1985. “DREAMS OF STRIKING IT RICH FADING IN SILICON VALLEY.” Los Angeles Times, 1991. “SILICON VALLEY WILL NO LONGER BE AN ICON.” Po Bronson, 2003.
  • 19. Bubbles aren’t new • Between 1846 and 1852 telegraph miles in the US rose from 2,000 to 23,000. Three lines covered New York and Boston, though there wasn’t enough traffic for one. • In 1894 the US had 192 railroads in bankruptcy (41,000 miles of track)
  • 20. Bubbles aren’t all bad • Between 1846 and 1852 telegraph miles in the US rose from 2,000 to 23,000. Three lines covered New York and Boston, though there wasn’t enough traffic for one. But the spread of cheap telegraphy fostered other key innovations: Associated Press, national markets in stocks. • In 1894 the US had 192 railroads in bankruptcy (41,000 miles of track). But railroads served as crucial platform for new industries: Sears & Roeback
  • 21. After the dot-com bubble: • Prices plunged: servers, digital cameras, domain-name registration, web design, web hosting, office space • System in place for transmitting data, voice, documents; companies like Vonage and Skype move up. • Google prospered by lashing together thousands of cheap servers and tapping into an installed base of 172 million web surfers, and hiring redundant engineers
  • 22. So what’s the secret?
  • 23. A Habitat for Innovation Results-oriented meritocracy. Climate that rewards risks, tolerates failure Strong markets (capital, labor) Mobile, fluid workforce Favorable government policies University-industry collaboration Specialized infrastructure (venture funding, lawyers, executive search, accountancies) Quality of life Cluster effect
  • 24. INDUSTRY CLUSTERS: geographic concentrations of related industries Exporting Companies Specialized Suppliers Supporting Infrastructure
  • 25. An example of the cluster effect: SEMICONDUCTORS AMD INTEL CYPRESS chemicals, equipment, software tools, clean room design, toxics monitoring research, workforce training, building inspectors, electricity, airports, executive search, accountancies, law firms
  • 26. CLASSIC EXAMPLE OF CLUSTER EFFECT: Kleiner Perkins Network, ca. 1998 Thin line: partnership between two KP companies Dotted: exec from one KP company on the board of another Thick: KP partner sits on board of more than one company
  • 27. Cluster effect transcends national boundaries Taiwan Value-added IC design Productization EXAMPLE: Advanced IC manufacturing Applied Materials, Inc. Maximizing the Semiconductor Food Chain Silicon Valley China Systems and Chip Architecture Regional Distribution Global Marketing Low Cost Manufacturing Capital Investment Three Regional Centers growing together, increasing the overall size of the pie
  • 28. So what’s happening right now in Silicon Valley?
  • 29. We are building new clusters in renewable energy and clean technology
  • 30. VC investment in clean technology nearly doubled … Venture Capital Invested in Clean Tech Millions of Dollars, Silicon Valley Region
  • 31. Cleantech jobs are growing … Jobs in the ‘Green’ Economy Silicon Valley
  • 32. The number of cleantech establishments is growing … Green Business Establishments Silicon Valley
  • 33. The mix is diverse … Green Jobs by Segment Silicon Valley
  • 34. and so is the investment mix … VC Investment in Clean Technology Silicon Valley
  • 35. Silicon Valley holds the lead in green patents … Green Technology Patent Registrations Silicon Valley as a percentage of the United States
  • 36. Silicon Valley leads in the production and use of renewable energy … Solar Installations Capacity (kw) added through the CA Solar Initiative Silicon Valley
  • 37. We lead in the use of alternative- fuel vehicles … Alternative Fuel Vehicles as a Percentage of Newly (New & Used) Registered Vehicles Silicon Valley and the Rest of California
  • 40. Our Litany of Troubles: Transportation Affordable Housing Infrastructure Quality of Life Health care, health insurance Education Workforce development Environment Dysfunction in Sacramento
  • 41. Even more importantly, we have some very serious non-local issues: Cleantech is not like IT Federal Funding: we’re losing Talent drain Dysfunction in government
  • 42. Yet Silicon Valley has no overarching framework for regional decision making.
  • 43. Joint Venture: Silicon Valley Network was established to fill this void.
  • 44. The Joint Venture Framework Business Community Labor Organizations Government Academia “Joint Venture is like the United Nations of Silicon Valley.” Rob Kwasnik, Intel
  • 45. The mission of Joint Venture is to: 1.Convene the region’s leaders, across every major sector. 1.Provide data and analysis. 1.Launch initiatives that deliver measurable results.
  • 46. We are applying the model to the emergence of the clean-tech sector
  • 49. CLIMATE PROSPERITY COUNCIL CHAIRS Co-Chair: Chuck Reed, Mayor, San Jose Co-Chair: Chris DiGiorgio, Accenture COUNCIL MEMBERS Better Place Electric Storage Institute Cypress Semiconductor Applied Materials UC Santa Cruz Akeena Solar Optony McCalmont Engineers NASA/Ames PG&E Silicon Valley Leadership Group McKinsey & Company City Managers (Dave Knapp) Sun Power Google Wilson Sonsini PG&E Adura Technologies STAFF Kelly Krpata, Applied Materials Director of Climate Prosperity Rachel Massaro, Associate Director
  • 50. Work Plan: Power purchasing agreements Smart Grid Permitting Electrical Vehicle Infrastructure Federal Funding
  • 51. San Jose Mayor touting the greenprint
  • 52. Ribbon cutting at a solar installation
  • 53. Thank you for the honor of your invitation. Russell Hancock President & Chief Executive Officer Joint Venture: Silicon Valley Network 100 West San Fernando Street, Suite 310 San Jose, California 95113 (408) 298-9330 www.jointventure.org