Silicon Valley is a magnet to which numerous talented engineers, scientists and entrepreneurs from overseas flock to in search of fame, fast money and to participate in a technological revolution whose impact on mankind will surely surpass the epoch-making European Renaissance and Industrial Revolution of the bygone age.
With the rapid spread of the Internet since the early 1990s, and the relentless technological innovations generated through it, the information era is truly upon us, profoundly influencing and changing not only our life style, but also the way we work, do business, think and communicate with others.
The unprecedented① success of the Valley is a testimony to the concerted international endeavors and contributions by people from diverse cultural and racial backgrounds, made possible by the favorable political, economic and intellectual climate prevailing, as well as the farsighted② policies of the US government.
It is noteworthy that close to 50% of its skilled manpower, including engineers, scientists and entrepreneurs, come from Asia. Prominent among them are Indians and Chinese, and not a few Singaporeans. They include such illustrious names as Vinod Khosla who confounded Sun Microsystems, Jerry Yang of Yahoo fame and Singaporean Sim Wong Hoo, to name a few.
Many countries have, or are in the process of creating, their own “Silicon Valley”. So far, none has as yet threatened the preeminence③ of the US prototype. What makes Silicon Valley such a unique entity?
First and foremost, it has the largest concentration of brilliant computer professionals and the best supporting services in the world, and easy access to world-class research institutions, like Stanford University, which continually nurtures would-be geniuses which the industry needs in order to move forward. Without these advantages, the Valley would be a different place.
Secondly, it actively encourages, or even exalts④, risk taking. Hence, failure holds no terror and there is no stigma⑤ attached to a failed effort. On the contrary, they will try even harder next time round. Such never say die approach is the sine qua⑥ non for the ultimate triumph in entrepreneurship and technological breakthrough.
A third decisive factor is the vital role of venture capitalists who willingly support promising startups with urgently needed initial capital to get them started. Some would even give failed entrepreneurs a second chance if convinced that a fresh concept might lead to eventual success.
Of equal importance, many bright young people and middle level professionals are keen to work for a new venture at substantially reduced remuneration⑦, as it offers more scope for entrepreneurship and job satisfaction than the established companies. There is also a pride of achievement if their efforts contribute to its fruition⑧.
Intellectual challenges aside, it is a common practice for startups to offer generous share options to employees in order to attract the right talent into their folds. This is a powerful incentive to motivate the staff to do their utmost and to share in the company’s prosperity if it reaches its goal. Many regard this as the foundation of a successful enterprise.
Those that have become high flyers, such as Netscape, Intel, Cisco and Yahoo, have turned many of their employees, including support staff like secretaries, into dot.com millionaires overnight, often at the relatively young age of 20s or 30s.
The Valley’s professionals are among the most hardworking people anywhere. A 15-hour day and 7 day week is not uncommon, especially during the startup stage. They would give up social life, and curtail⑨ their family life too, in order to pursue the pot of gold at the end of the rainbow. It is this single minded pursuit of excellence, supported by strong ethos of team work and esprit decorps that sustain them until their mission is accomplished.