How Young Entrepreneurs Are Changing Silicon Valley
Walk into your typical Silicon Valley coffee shop and you will run into more than one young entrepreneur. As the hub of innovation, startups, and creative ideas, young entrepreneurs continuously flock to the area to maximize their resources and capabilities.
The impact young entrepreneurs have on the Silicon Valley is quite profound. Within the real estate industry, we see a rise in first time millennial homebuyers. An increase in demand for young tech talent has companies competing over rising tech stars. Heightened salaries for young entrepreneurs entering the burgeoning tech business affords them the means to purchase homes at a younger age. With the sheer size of the millennial generation and their drive toward entrepreneurship, the high demand for homes is likely to continue.
Beyond the housing market, millennial entrepreneurs’ ambition, persistence, and philosophical outlooks on life has a significant impact on the Silicon Valley community.
Transforming the Workplace – From garage startups to companies like Facebook, Google and more, young entrepreneurs have established a new dynamic in the workplace. Throughout the SFBA, entrepreneurs take the time to craft a workplace that engages their employees. This new generation of CEO’s strive to make work fun, in the hopes of boosting morale and enhancing work-life for their employees. Whether it’s phenomenal employee perks like on site gyms, organic food in the fridge or the ability to spend 5 minuets at the foosball table between coding sessions, new CEOs see the benefit in keeping their employees happy and healthy at work. For the Silicon Valley, this shift towards dynamic work environments is beneficial to overall quality of life.
Social Change – Driven by social consciousness, many of Silicon Valley’s young leaders have devised business plans rooted in social change. They proactively implement social responsibility guidelines and projects into their daily operations. This awareness and intention to act on social justice creates sustainable business practice and entices social conscious consumers to use their products and services. Furthermore, the amount of charitable acts, donations and engagement with non-profits is on the rise in the local area. With social justice on the forefront of many young professional’s minds, our community will greatly benefit from the increase in activism by younger entrepreneurs.
The Entrepreneur Impact – The flood of young talent largely propelling growth in the Silicon Valley has impacted much more than innovation. These young risk takers have created more jobs and increase the amount of local hires, particularly around college campuses like Stanford and Berkeley. This is beneficial for new grads who often struggle to find employment in the Bay Area. Furthermore, entrepreneurs and their lifestyle habits have boosted the local economy. Young leaders are often eating out, they have business meetings at local restaurants and coffee shops. They no longer feel confined to the workplace for conducting business meetings. These leaders are making more money at a younger age and thus have the means to funnel that income back into local businesses, the housing market, and charitable endeavors.
As the number of startups and young entrepreneurs rise, we can expect the social and economic impact these entrepreneurs to expand as well. With their charitable acts and drive to enhance the wellbeing of society, the Silicon Valley will continue to benefit from these ambitious cohort of young leaders.
What do you thing has been the biggest impact young entrepreneurs have made so far?
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