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Should You Move Your Company to Silicon Valley? - Eric Migicovsky, Pebble Founder
5 segments available
Y Combinator Partner and Pebble Founder Eric Migicovsky answers, should you move your company to Silicon Valley? https://twitter.com/ericmigi Y Combinator invests a small amount of money ($150k) in a large number of startups (recently 200), twice a year. Learn more about YC and apply for funding here: https://www.ycombinator.com/apply/
Segments Timeline
Why Move to Silicon Valley?
Eric Migicovsky discusses the compelling reasons for moving a startup to Silicon Valley, emphasizing the importance of proximity to customers. He shares his personal experience of relocating from Waterloo, Ontario, to Silicon Valley after joining Y Combinator, highlighting how being close to customers allows for rapid iteration and feedback.
"today I want to talk about the question should you move your company to Silicon Valley this is a question that's pretty close to my heart because I started my company pebble in Waterloo Ontario and I ..."
The Power of Networking
Migicovsky elaborates on the invaluable network available in Silicon Valley, sharing anecdotes about serendipitous meetings with influential tech figures. He explains how this high-density environment fosters collaboration and support, which can be crucial during pivotal moments for startups, such as launching on Kickstarter.
"Silicon Valley the first is the network it's hard to overrate how important Silicon Valley Network is for startups in it in my case I move down to Silicon Valley and experience things like sitting at ..."
The Pressure to Perform
In this segment, Eric reflects on the competitive atmosphere in Silicon Valley that drives entrepreneurs to excel. He contrasts his experiences in Canada with the motivating pressure he felt in Silicon Valley, realizing that he could achieve in six months what took him three years back home.
"early-stage company the second argument for basing your company here in Silicon Valley is slightly counterintuitive people outside of Silicon Valley usually assume that because there are so many great..."
The Cost of Living in Silicon Valley
Migicovsky addresses the significant financial challenges of relocating to Silicon Valley, including high living costs and salaries. He offers strategies for mitigating these expenses, such as gaining employment at a tech company before starting a venture, which can help build a network and save money.
"Silicon Valley is very expensive I was paying 450 bucks a month to rent my place in Waterloo Canadian dollars and there was a certain amount of sticker shock to see that it cost three thousand dollars..."
When to Stay Put
In this concluding segment, Eric outlines scenarios where staying outside Silicon Valley may be advantageous. He emphasizes the importance of being close to customers and leveraging local advantages, while also recommending that founders spend time in the Bay Area to build essential networks before making a move.
"would highly recommend spending time in the Bay Area to build a network especially if you're planning to proceed down the kind of YC startup the Westies definition of what a start-up is if you're plan..."