7 of the 15 largest companies in the world are tech companies.
There are more breakout companies headquartered outside a top 20 startup hub than there are in the Bay Area and you should expect this trend to increase over the next decade. As high tax rates and some reasons are listed at the bottom. Some of the stats are interesting to note as startups are not all Silicon Valley and not even all the USA but are dominated outside of the country by London, Toronto, Paris, Tokyo, Singapore, & Tokyo. One thing that I find interesting is that all but Paris & Tokyo speak fluent English as either their primary or second language where as Paris is a much smaller amount of English speakers than Tokyo based on the shear size of the megalopolis.
In the three years before the pandemic, 63% of the new breakouts that we saw in the San Francisco Bay Area were based in the city of San Francisco itself. Since 2020, only 46% have been :
Around 26% of the US-based breakout companies that we see are based in California. The inverse of this fact is important: three-quarters are not based in California. California’s share appears to have been declining gradually, however. In 2018, for example, 31% of new breakout companies were headquartered in the state
In order, the top startup hubs in the US are: the Bay Area, New York, Los Angeles, Miami, and Austin. Miami’s growth has indeed been quite striking in our data: detected breakout companies are up by 89% in 2021/2022 as compared to 2016/2017
Outside the US, the top hubs in our data are (in order): London, Singapore, Paris, Tokyo, and Toronto. (Of these, Tokyo is growing fastest on a relative basis.) French entrepreneurial dynamism particularly stands out: the top three countries are the US, the UK, and France
So bottom line is Miami is a startup hub thats growing exponentially and San Francisco at least in the city has fallen back since 2020 due to covid, remote working, the decline of the city, startups moving to other parts of the bay, etc...