According to a recent study from the Bay Area Council, forty-six percent of Bay Area residents claim that they are likely to leave the region in the next few years. There could be many reasons this is the case: expensive housing, longer and more congested commutes, a growing disillusionment with tech culture. But I think there is another explanation and it’s less about what they are running from and more about what they are running to.
Today, Revolution launched its careers page, aggregating open positions from portfolio companies across our three funds: Revolution Growth, Revolution Ventures and the Rise of the Rest Seed Fund. The Revolution careers page lists jobs available in 105 cities across the country. Over 80% of the more than 1,000 jobs posted today are outside of Silicon Valley, New York, and Boston. And that makes sense. We founded Revolution over a decade ago with the philosophy that great companies can start and scale anywhere. And we have invested against that thesis ever since. To date, Revolution has invested more than a billion dollars in companies outside of Silicon Valley.
Because of job opportunities like these in Rise of the Rest cities, we are seeing the beginnings of a talent boomerang. People who grew up or went to school between the coasts are returning to be a part of these nascent startup ecosystems and the communities of restaurants, retail establishments and real estate development that they support.
And as Revolution has crisscrossed the country, we have seen the talent boomerang that extends beyond our portfolio. While these cities may not yet have the network density of Palo Alto, they have passionate founders and ecosystem builders who are relentlessly championing the companies starting and scaling in their backyards. We’ve also found that these communities — joined by their shared passion for entrepreneurship and all it enables — are more diverse and inclusive, recognizing that to truly build a successful ecosystem, everyone needs a place at the table.
And finally, we’ve been struck by the loyalty of startup employees in these rising cities. The mercenary culture that sometimes characterizes the working relationship in Silicon Valley is absent. Yes, that is partially because employees may not have the same wealth of options or a Google or Twitter to fall back on, but more so it is because these employees feel a strong tie to their company and its role in their city’s broader story.
This is not to say that Silicon Valley, New York and Boston won’t continue to be centers of innovation and opportunity — they should and they will. But it is to say that people should not feel compelled to go to the coasts after graduation, nor should they feel trapped there if they want to continue to build a startup career. As I hope our careers page illustrates, there are opportunities in dozens of cities across America to help build companies that create real value and make a real difference. Now let’s get started.
