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INTRODUCING THE SF TECH EXODUS DASHBOARD
sf.citi unveiled a dashboard featuring new evidence of a mass migration of tech companies and tech workers out of San Francisco.
For almost as long as we’ve been tracking the COVID-19 pandemic, sf.citi has been closely monitoring the San Francisco tech exodus. Ten months later, it is undeniably clear that tech companies and their employees are leaving San Francisco. What’s also clear is that tech’s departure does not bode well for San Francisco’s economic future.
San Francisco journalists and policymakers alike have reacted in dismay at the growing number of tech companies reducing their footprint in San Francisco and expanding to other emerging tech hubs across the country. For us at sf.citi, however, the tech migration is hardly a surprise. In our newly debuted dashboard, we take a closer look at the factors contributing to the tech exodus, notably San Francisco’s exorbitant cost of living and the industry trend toward decentralization. We also explore what the exodus means for the future of San Francisco and which cities are swallowing up Bay Area tech talent.
WILL SEATTLE BE THE NEXT SILICON VALLEY?
On February 10, join sf.citi for the first discussion in our new event series, Mapping The Tech Exodus, as we compare the tech landscapes of San Francisco and Seattle.
On theme with our tech exodus dashboard, sf.citi’s latest conversation series, Mapping the Tech Exodus, will dive into tech trends across the country and analyze how they compare to what we’re seeing in San Francisco. Each discussion will feature a new tech policy leader to weigh in on the ongoing migration of tech workers and companies outside of the San Francisco Bay Area, as well as approaches other cities are taking to attract tech talent (and tax dollars).
To kick off the series, sf.citi Executive Director Jennifer Stojkovic will speak to Nicholas Merriam, CEO of our Seattle counterpart sea.citi, on February 10. Among other things, they’ll discuss why San Francisco is losing tech jobs while Seattle had a net tech job gain of 7.2 percent in 2020—the most of any American city. They’ll also talk about how the rise of remote work will affect longtime tech powerhouses like San Francisco and Seattle after the pandemic ends. Register below to get an inside look at the tech policy issues in one of the cities competing to be the next Silicon Valley.
TECH STEPS UP TO THE CHALLENGE OF VACCINE DISTRIBUTION
Several tech companies are volunteering their resources and technologies to help governments of all levels with COVID-19 vaccine distribution.
As highlighted in our 2020 Annual Report, tech companies came together in record speed at the start of the pandemic to help people transition to our new COVID-19 reality. They donated countless resources and partnered with government leaders to close the digital divide. Almost a year later, the tech industry is once again stepping up to assist governments with the vaccine roll-out. We’ve highlighted a few of the stand-out tech companies (and sf.citi members) working on COVID-19 vaccine distribution below.
Tech Companies Working on COVID-19 Vaccine Distribution:
- Google is providing over $150 million to promote vaccine education and equitable distribution. The company will also begin showing state and regional COVID-19 vaccine distribution information on Search.
- Lyft has partnered with Anthem, JPMorgan Chase, and United Way to launch a COVID-19 vaccine access campaign. Lyft aims to provide 60 million rides to and from vaccination sites for low-income, uninsured, and at-risk communities.
- Microsoft is using its technology and partnerships with public- and private-sector organizations to support the distribution of COVID-19 vaccines in an efficient, equitable, and safe manner.
- Salesforce, in partnership with Accenture and Skedulo, developed the software powering California’s vaccination eligibility site, My Turn. Not only does it allow Californians to learn when they’re eligible to get vaccinated, My Turn also tracks vaccination data. It is expected to operate in all of California in early February.
THE SHIFT AWAY FROM CENTRAL OFFICES
Read more about sf.citi’s take on the tech exodus and the future of San Francisco by reading the latest from the San Francisco Chronicle.
One of the most remarkable things about the outmigration of tech companies and workers from San Francisco is that it marks a fundamental shift away from central headquarters. In addition to launching our tech exodus dashboard, sf.citi released data from a survey conducted among 83 tech founders and CEOs in January 2021 about their long-term plans for remote work and growth in San Francisco. The results offer an eye-opening “window into the mood in the startup community.”
“What the data makes abundantly clear is that tech companies and their employees are reducing their footprint in San Francisco, their departure does not bode well for San Francisco’s economic future, and the industry trend toward decentralization is only going to accelerate after the pandemic ends,” explained sf.citi Executive Director Jennifer Stojkovic. Read more below!
DID YOU KNOW?
One of the many bizarre ripple effects of the GameStop insanity is the unlikely union between Republican Senator Ted Cruz and Democratic Congresswoman Alexandria Ocasio-Cortez. If you haven’t been following, investors at Melvin Capital shorted the stock of video game retailer GameStop—by a lot. Amateur investors, fueled largely by Reddit’s now-infamous Wall Street Bets forum, got wind of the short and turned to investing apps like Robinhood to buy GameStop stock en masse. GameStop’s value soared, and Wall Street investors were…unhappy, to say the least. Learn more about the GameStop drama here.
BUZZ | #MEMBERNEWS
- Microsoft invests in $30bn driverless car company Cruise (San Francisco Business Times)
- Twitter acquires newsletter platform Revue (TechCrunch)
- Waymo chief says Tesla’s ‘not a competitor at all’ on self-driving cars (San Francisco Business Times)