Where to Spend the 20’s? FOMO’ing to Miami?
On the Twitter of late it feels like everyone has left SF and decamped to more bountiful lands of greater opportunity. Elon Musk has transported to Texas. Oracle too. Larry went to Hawaii though. VCs to Miami. Others have written OpEds. Still others have shown startling graphs about the effects a move has on a company’s growth. Y axes be damned.
For the rest of us who are just trying to make ends meet commuting from our bedrooms to our spare rooms, what is going on out there?
There is an answer.
But first, transport yourself to the distant past of 2019 (1 B.C.). A lifetime ago for many. Pretend you’re sitting outside with a beautiful view somewhere in the Bay Area. It’s sunny out. Maybe even in the 70’s. You’re still wearing a jacket because the wind is whipping you in the face but that is neither here nor there. Venture capital fundraising has surpassed $130 Billion dollars for the 2nd consecutive year.
Now, if you had to pause for a moment and predict in the years ahead what that massive surge in transformational, secular industry growth might mean…would you assume that would continue to accrue primarily to the Bay?
Don’t answer that. Let’s keep going.
Those hundreds of billions of dollars have fueled arguably the greatest generation of high tech innovation in the history of mankind. Seriously. A tsunami of momentum that has individually and collectively empowered just about anyone from anywhere with a little motivation and tutelage into powerhouses of capitalist creation.
One other thing. Those headline grabbing people that seem to be moving and are so loud about it? They’re rich. Like, really rich. And they’re moving to states without income tax. So is it reaaallly about going to new fertile grounds of startup creation that are better places to build? Or is it about getting a jump on retirement..? That aspect is harder to answer but let us see where the generation who is still trying to secure their bag ends up building first.
Now, to the answer. Is the Bay Area over? Are people all FOMO’ing to Miami? No way.
Are a lot of other places going to massively benefit from the next more diversified stage of internet & startup growth? Yah way.
It is absolutely both. The pandemic caused the cup to runneth over and the internet is sopping that spillage right up to…everywhere. But the Bay Area is still a big ass cup. It’s a boring answer that doesn’t get the people as riled up in the streets but…you know it’s true.
So, while you continue to plot your management career growth and try to catch the next wave…perhaps pause and resist grabbing on to the polar extremes. Or move to a place where you’ll be surrounded by friends, family, and self defined happiness. Startup ecosystems be damned.
That would be real contrarian now, wouldn’t it?