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Beyond Silicon Valley

Once again, California’s Silicon Valley is confirming its status as a mecca of high-tech entrepreneurship and wealth creation. But it is not a model for job creation and inclusive growth that policymakers and entrepreneurs elsewhere can emulate – at least not without making some fundamental adjustments.

BERKELY – Once again, California’s Silicon Valley is confirming its status as a mecca of high-tech entrepreneurship and wealth creation. But it is not a model for job creation and inclusive growth that policymakers and entrepreneurs elsewhere can emulate – at least not without making some fundamental adjustments.

To be sure, what is happening in Silicon Valley today is nothing short of dazzling. Venture capital (VC) investment has reached near-record highs. Overnight millionaires – even billionaires – are proliferating. Twenty-something software coders are commanding six-figure salaries.

The boom has driven California’s economic recovery. And, along with courageous political leadership, it has enabled the state to escape from a seemingly hopeless fiscal crisis.

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