Annual Economic Report Finds State Woes, Stiff Global Competition Hampering the Region’s Resiliency
SAN JOSE & MOUNTAIN VIEW, Calif.--(BUSINESS WIRE)--The economic recession has stalled Silicon Valley’s vibrant innovation economy and left its global competitive standing at risk as never before, according to the 2010 Silicon Valley Index released today by Joint Venture: Silicon Valley Network and Silicon Valley Community Foundation.
“On the heels of the worst economic year since the Great Depression, our region has entered a new era of uncertainty in which our ability to attract top talent, fund innovation and preserve a decent quality of life is no longer guaranteed.”
The comprehensive yearly study on the economic strength and overall health of Silicon Valley reveals that rapid economic growth in other countries, coupled with California’s legislative gridlock, is draining the lifeblood of funding and foreign talent from Silicon Valley, leaving recovery in a “new phase of uncertainty.”
“Silicon Valley’s innovation engine has driven the region’s prosperity for 60 years, but at the moment we’re stalled,” said Russell Hancock, CEO of Joint Venture. “What’s hard to say is whether we’re stuck in neutral, which has happened before, or whether it’s time now for a complete overhaul.”
“This year’s Special Analysis is a call to action for all of us,” said Emmett D. Carson, Ph.D., CEO and president of Silicon Valley Community Foundation. “On the heels of the worst economic year since the Great Depression, our region has entered a new era of uncertainty in which our ability to attract top talent, fund innovation and preserve a decent quality of life is no longer guaranteed.”
The 76-page 2010 Index reports the latest data and trends in economic development, workforce, housing, education, public health, land use, environment, governance, arts and culture and other sectors throughout Santa Clara and San Mateo Counties and portions of Alameda and Santa Cruz Counties. An accompanying Special Analysis section of the report each year takes a closer look at a particularly significant topic.
The Index is published in conjunction with the annual “State of the Valley” conference, a town hall-style gathering of regional leaders, elected officials and citizens in a daylong discussion of Silicon Valley’s economic opportunities, challenges and future. Joint Venture presents the conference with the Community Foundation as lead sponsor. The 2010 conference takes place tomorrow, February 12, at the McEnery San Jose Convention Center.
Highlights of the 2010 Index and Special Analysis include:
“Clearly, this is no time for complacency,” notes the study. “While our region has enjoyed many advantages in the past, success in the future demands that we think beyond our prevailing assumptions, organize differently, draw upon still more ingenuity from our people, and forge new collaborations in order to compete globally. Our vulnerabilities don’t mean Silicon Valley’s best days are behind it. But they do suggest we’re a region at risk.”
Joint Venture added the Community Foundation as its partner and lead sponsor on the Index in 2008. More highlights, the complete 2010 Silicon Valley Index and the Special Analysis are on the Joint Venture website at www.jointventure.org and the Community Foundation website at www.siliconvalleycf.org.
ABOUT JOINT VENTURE: SILICON VALLEY NETWORK
Established in 1993, Joint Venture provides analysis and action on issues affecting the Silicon Valley economy and quality of life. The organization brings together established and emerging leaders—from business, government, academia, labor, and the broader community—to spotlight issues, launch projects, and work toward innovative solutions. For more information, visit www.jointventure.org.
ABOUT SILICON VALLEY COMMUNITY FOUNDATION
Silicon Valley Community Foundation is a catalyst and leader for innovative solutions to our region’s most challenging problems. Serving all of San Mateo and Santa Clara counties, the community foundation has $1.7 billion in assets under management and 1,500 philanthropic funds. The community foundation provides grants through donor advised and corporate funds in addition to its own Unrestricted Endowment Fund. The community foundation serves as a regional center for philanthropy, providing donors simple and effective ways to give locally and around the world. Find out more at www.siliconvalleycf.org
