Although the Dotcom boom may seemingly have moved past its height, there is still no lack of enthusiasm or funding when it comes to searching for up and coming talent in Silicon Valley. Companies in every corner of the globe still consider this region to be a gold mine when it comes to discovering talent and big ideas in the world of technology. When you look at the numbers from 2000 to the present in terms of money spent in this area on venture capital, Silicon Valley stands as the mecca for technological innovation. This sector alone has accounted for over $3.1 trillion in revenue and provided over 11 million jobs. In terms of the entire United States, that is approximately 21 percent of the GDP and accounts for roughly 11 percent of employment in the private sector.
The reasons for such widespread success in the Silicon Valley reach further back into history than the widespread popularity of computers, however. It all began in the 1840′s when this area was prime real estate for the Gold Rush, initially building the wealth that future generations could invest in burgeoning technology. By the 1900′s, technology first comes on the scene with the Hollerith Tabulating Machine, an item that eventually formed the basis for the company that goes by the name International Business Machines or IBM. Just before the 1950′s, the very first venture capital firms in the United States are formed thanks to the leadership of J.H. Whitney and the Rockefeller brothers. By the time 1958 was upon us, the first professional venture capital firm in California was established under the name Draper, Gaither, and Anderson.
Once the money was in place, the revolutionary minds that have ushered us into today began their work. Bill Gates and Paul Allen founded Microsoft in 1975 and Steve Jobs worked with his partner to build the first microcomputer in 1976 while residing in Cupertino. It was 1994 that saw the first formation of an official group, known as the “Band of Angels,” whose sole purpose was to fund Silicon Valley startups. Google got off the ground in 1998, helping to shape the Internet that we know and love today. Soon afterward, institutions all across the country became involved hoping to gain from potential success, including the Department of Defense, the automotive manufacturing industry, and countless private firms.