Since the 1950s, a small portion of the southern San Francisco Bay Area has been the world’s forefront of technology and innovation. This area is home to renowned universities like Stanford and UC Berkeley, the headquarters of some of the world’s largest companies, including Google and Facebook, and the creation of the world’s hottest start-ups such as Uber and Airbnb. Hosting less than one percent of the population of the United States, the 1,800 square mile area has a larger economy than countries such as New Zealand, Vietnam, and Hungary (Kazaks et al.) So what makes the Silicon Valley a hotbed for innovation, and what do companies in the Valley do that makes them so successful?
The following paper will discuss the business lessons companies …show more content…
With failure, Silicon Valley companies understand the importance of being pragmatic, yet optimistic, in that “they understand that successes are typically built on many failures… view[ing] such failures as part of the process, and as opportunities to learn, grow and improve” (Harris and Alter 6). Coupled with this acceptance of failure, Silicon Valley employees lace audacity with grit; meaning that despite being exposed to constant failures, a culture of day-to-day determinism can be found in many Valley companies (Martins et al.) Ultimately, what this means for Silicon Valley companies is that a corporate culture has developed in favour of experimentation, specifically, one of Do it, Try it, Fix it (Harris and Alter 3). Therefore, because of this general acceptance of failure, leading to the desire to take risks, Silicon Valley companies can “… [get] things done quickly rather than agonizing over every potential flaw” …show more content…
Essentially, the innovation ecosystem provides the companies within it the means to attain innovation. The large pool of talent in the area, combined with its external collaborative culture and institutional infrastructure provides companies with the resources to foster a sustainable competitive
The following paper will discuss the business lessons companies …show more content…
With failure, Silicon Valley companies understand the importance of being pragmatic, yet optimistic, in that “they understand that successes are typically built on many failures… view[ing] such failures as part of the process, and as opportunities to learn, grow and improve” (Harris and Alter 6). Coupled with this acceptance of failure, Silicon Valley employees lace audacity with grit; meaning that despite being exposed to constant failures, a culture of day-to-day determinism can be found in many Valley companies (Martins et al.) Ultimately, what this means for Silicon Valley companies is that a corporate culture has developed in favour of experimentation, specifically, one of Do it, Try it, Fix it (Harris and Alter 3). Therefore, because of this general acceptance of failure, leading to the desire to take risks, Silicon Valley companies can “… [get] things done quickly rather than agonizing over every potential flaw” …show more content…
Essentially, the innovation ecosystem provides the companies within it the means to attain innovation. The large pool of talent in the area, combined with its external collaborative culture and institutional infrastructure provides companies with the resources to foster a sustainable competitive