Cardano founder Charles Hoskinson said he chose Wyoming to base Input Output Global (IOG), not Silicon Valley, because of Valley’s “unhealthy” environment.
The comments dispels the idea that tech companies need Silicon Valley to “ make it. ” What’s more, his candid account of trying to integrate into that culture yields a humiliation that some say should have been a long time ago.
Work Life Balance and the Valley https://t.co/RSGSLnjADb
– Charles Hoskinson (@IOHK_Charles) April 14, 2021
Silicon Valley promotes “unhealthy” living
Found in the southern region of the San Francisco Bay Area, Silicon Valley acts as a global center for technology and innovation.
It is home to many established high-tech companies, including Google, Apple and Adobe, just to name a few. As well as thousands of startups looking to take advantage of the proximity of this gigantic megacorps. In particular, the venture capital money that washes away in the region.
In 2020, US $ 156.2 billion in venture capital was raised in the US, PitchBook reports. Of the total, 22.7% of deals took place in the Bay Area and 39.4% of the deal value was invested in companies headquartered in the Bay Area. “
That said, Silicon Valley and the VC industry are not immune to the panic situation. A report from Pitchbook on the VC outlook for 2021 states that the Bay Area’s share of the total VC count will fall below 20% for the first time in history.
Add to that the proliferation of remote working and the subsequent exodus from the high cost of living, and there are fewer reasons why tech companies would want to settle in Silicon Valley.
When asked why IOG, formerly IOHK, was not based in Silicon Valley, Hoskinson said he felt the pull when he started as an entrepreneur. But after spending a week there integrating into the culture, his experience was far from positive.
“… What I saw eight years ago was a very, for lack of a better term, unhealthy environment. There was a lot of drug use, many people were sleep deprived. And there was an endless desire to be something. And most of the people I met were so thoroughly fake, there was just no idea of a real person … “
Cardano takes advantage of the slow pace of Wyoming life
IOG relocated its headquarters from Hong Kong to Wyoming in 2018. Wyoming’s state economy is strongly linked to mineral extraction, tourism, and agriculture, especially cow and sheep farming.
But in 2019, Wyoming passed 13 blockchain laws, making it the only US state with a welcoming legal framework for blockchain businesses to thrive.
Speaking of why Wyoming is preferable to Silicon Valley, Hoskinson said the lifestyle and work-life balance is more in tune with his way of being, which can be summed up in one word, authentic.
“What’s so magical about this lifestyle that I live is that I go to my farm after my working day. A farm is like the ultimate truth factory. There is no bullshit when you are in agriculture. “
The panic situation has forced many to reconsider what is desirable and important in life. And living in nature is a lifestyle trend that is popular with people living in the big city.
Source: ADAUSD on TradingView.com