There and Back Again...A Startups Tale by Co.Labs :)
San Francisco has long been the hotspot for tech startups to grow. But why?
1. Network Effects
One of the core ingredients that makes "Silicon Valley" so unique is the give-first attitude of it's tech community, from developers in large tech companies to CEO's of new hyper-growth startups. Personal relationships often supersede company allegiances or competitive rivalries and in a place that has more people who have built unicorn and decacorn tech companies than anywhere else on the planet, "The Valley" is where tech scales.
At the center of this give-first mentality is mentorship which, in an industry like tech where there are no road maps to success, can prove to be the key competitive advantage for many entrepreneurs and startups. That said, as important as mentorship is, velocity is king; move fast or get out of the way :)
2. Access to Capital
Hyper-growth startups need two kinds of capital to scale and Bay Area has them both in abundance.
The first is money. Nearly 40% of all deals in the United States were done in SF ($10.58B in Q1 2018 alone). This is changing as places like Canada see record deal flow, but still represents a sizeable market share of venture capital dollars in North America.
The second is human capital, i.e. talent. The Valley has some of the top universities and colleges in the United States right in its back yard. Most notably of course is Stanford, which graduates thousands of qualified computer engineers and developers alike each year. These students go on to work on some of the most cutting edge technologies at the largest tech companies on the planet such as Google, Facebook, and Apple, not to mention the thousands of tech startups operating in Bay Area.
Saskatoon has experienced a seismic shift in its tech sector over the last 12 months with over $400 million dollars in acquisitions and $25 million dollars of private investment including:
-Vendasta being awarded a spot on Deloitte Technologies Fast 500
But the question remains - how can we better support and enable early-stage tech startups to scale quicker?
Together with SREDA, Co.Labs is pleased to announce The Tech Trip (TTT), where we will be taking 3 early-stage startups down to The Valley for 3 days. They will meet high-impact investors, mentors, and community players who can help them take their startups to the next level and scale.
If you or someone you know has a Saskatoon-based tech startup, apply here :)