Urgent: Your Startup Itinerary Has Been Updated 📍✈️
Tech is on a one-way ticket out of SFO. But where to next?
Hey Founders & Friends! We’re officially inside the final three Fridays of 2020….but who’s counting?
Over the next three weeks we’re wrapping up 2020 in tech, VC and PE and sharing unique outlooks and predictions for 2021. Let’s jump in.
Now Departing: SF 🛫 Next Stop: ?
Tech is on a one-way ticket out of San Francisco, but where are the giants headed?
With COVID-19 pandemic creating a mass-reset effect, leaders in tech are re-thinking life in the notorious tech hub. Inflated rents, exorbitant taxes, government regulations and the dominance of remote-first work are all catalysts of escape for major tech companies that once called The Valley “home”.
And we believe it’s more than just a Twitter conversation…
Bloomberg reports, “In a survey of tech workers by the anonymous professional networking site Blind, about 20% of the nearly 1,200 respondents said they’ve moved out of San Francisco. More than 10%, or 124, said the relocation is permanent.”
But where? Tech is reportedly packing its bags and headed east. Here’s what we’re hearing…
ATX (Austin, TX)- Tech/Engineering
The land of the cowboys and oil is being re-pioneered by codebases and engineers. ATX has been a long time playground for legacy tech giants like Dell, AMD, Texas Instruments- coining the nickname “Silicon Hills”. Austin is now the 11th most populous city in the US, and growing daily.
Miami, FL- Finance/Investors
In full VC spirit, The Mayor of Miami recently responded “How can I help?” to the idea of tech calling Miami its new home. Mayor Francis Suarez has been a long time supporter of tech, VC and innovative businesses. Miami is known for fostering a healthy startup ecosystem flush with cash.
Maybe it’s the no state income tax. Or the year-round sunshine. Or the melting pot of cultures and ideas. We’re not sure. But if you want to follow the money, keep in mind money always follows sunshine. The BloomVP team is bullish on Florida, specifically Miami, as a hot spot for tech and startups.
Yes, this is a real Tweet from the Mayor of Miami. A tip of the hat to @vcstarterkit?
Y-Combinator headed to the Sunshine State? 👀
Alex MacCaw @maccaw@spakhm Mostly scattered to the winds. But the two main hubs are Miami and Austin.
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IPO Week 📈
• Airbnb IPO’d yesterday at a $47.3B valuation. By market close $ABNB share price more than doubled to $144 with a $100B+ valuation.
How do you think these VC’s slept last night? 👇
• Door Dash IPO’d Wednesday and began trading at $182 per share- up 78% from it’s IPO price. DoorDash is now trading at just over 16x revenue.
Congrats to all founders, employees and investors. A reminder that the dream is alive and well 👏
Interested in a new gig, or know someone that is? Reply to this email for an intro + more information.
Principal Product Designer :: Zipper (Remote / US West)
Backend Engineer, Sales :: LULA (Miami based company)
Backend Software Engineer :: POGO
Favorites from the Ecosystem
Lenny Rachitsky @lennysanFounders: What SaaS tools/platforms do you spend the most money on each month? Top 3-5.
Just for laughs…
• Saastock Virtual Blueprint Series- The Blueprint to help SaaS CEOs go from good startup to great scaleup (Dec. 15)
SaaS Podcast Coming Soon 👀
The team is putting the final touches on our SaaS podcast, “The Full Bloom,” featuring the best CEOs, Thinkers, VCs, and PE investors in SaaS.
So far we’ve hosted interviewed with speakers such as Chris Herd (CEO, Firstbase), Andrew Gazdecki (Founder, MicroAcquire), KP (Program Director, OnDeck), Justin Mitchell (CEO, Yac), and a few others who have several lifetimes of knowledge and scar tissue in the space.
P.S. Interested in sponsoring the "the full bloom"? Reply to this email and enquire about our launch promo.
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