New Report: No, Global Innovation/Tech Organizations Aren’t Leaving the Bay Area
While the Bay Area has lost some residents and companies during the pandemic, the good news is that we have continued to gain strength in a core advantage – being a global hub of innovation. New research from the Bay Area Council Economic Institute finds that the vast majority of foreign-based companies and governments with tech and innovation hubs, accelerators and investment offices located are here to stay.
The report finds that the vast majority of these global offices remain open and have actively resumed activity with a growing number of delegations, business visitors and startups returning to the region. New corporate innovation offices were attracted to the region even during the pandemic, and the footprint of governments from overseas is expanding through new innovation hubs that combine and link a range of national resources. While operating models have been impacted in the last two years by the growing, and now permanent use of online tools, nearly all of the organizations surveyed confirm a sustained and in many cases commitment to being in the region based on its unique combination of innovation resources and its global leadership in digital technologies.
“Some people assume that global companies have fled the Bay Area as costs have risen and activity goes online,” said report author Sean Randolph, Senior Director of the Bay Area Council Economic Institute. “We found that this isn’t true. In fact, it’s the opposite. We’re finding a large-scale conformation that the San Francisco/Silicon Valley Bay Area remains a key player in the world’s technology and innovation economy, reflected in a growing international presence here. The great majority of companies and organizations we talked are more committed than ever to a strategic presence here.”
The analysis is the product of surveys, research and interviews of hundreds of global organizations – consulates and other overseas government offices, university and science offices, accelerators, and overseas headquartered companies that conduct research or have an innovation presence in the region.
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