The trend of uber-successful young professionals has typically been a straight path to Wall Street. Big finance was the opportunity of the generation looking for high profile work and big paychecks. Now, however, a new star has emerged- Silicon Valley.
Over the last five years, according to the Wall Street Journal, New York City employment in securities in banking fell 10%, compared to a 10% rise in high-tech employment. A bustling hub of technology for years, Silicon Valley has long been associated with some of the world’s most famous companies including Google, Facebook and Apple. But now they are emerging as the latest and greatest career opportunity, luring young professionals away from Wall Street.
The technology industry is less bogged down by regulations and layoffs. It has a younger, hip appeal that is more college campus than suited up business professional. And the collaborative, informal nature of the industry is appealing to many new grads.
But it isn’t a cakewalk. The hours are still extraordinarily long and tech firms, especially start-ups, come with significant financial risks and much more employment uncertainty than well-established financial institutions do. But, the less inhibited nature of the industry and potential to create new and innovative products is alluring, outweighing the detractions.
The tech surge isn’t only limited to Silicon Valley- part of the increase is due to several municipalities such as Detroit, Pittsburgh and New York are making a concerted effort to attract tech start ups through seed capital funds and mentorship programs.
When you live in or near silicon Valley, San Francisco or northern California, Arizona, and Nevada areas, you are likely immersed in cutting edge technology. A technology insurance program from Cal-Nevada Insurance Agency can protect your technology firm from expensive liability claims and property damage. Contact us today for more information about our Silicon Valley Technology Insurance programs. (866) 670-5948