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Rise of remote working entices startups to flee big tech hubs

Since pandemic lockdown measures took effect seven months ago, some early-stage startup founders have shifted parts of their businesses away from startup hubs like San Francisco and New York, where operating costs for their budding companies are much higher.

An increase in remote hiring has also made the decision to leave easier than ever.

Nearly 70% of full-time workers in the US are working from home during the pandemic, according to a recent survey conducted by Owl Labs and Global Workplace Analytics that featured responses from over 2,000 full-time employees between the ages of 21 and 65. And one in two respondents said they won’t return to jobs that don’t offer remote work after the pandemic.

The startup exodus also seems to be an offshoot of a larger migratory trend that’s taking place across the country. From April to August of this year, New York and the San Francisco Bay Area saw net arrival declines of more than 20% year-over-year, according to LinkedIn data. 

Not all founders are entirely turning their back on established VC hubs, however.  Read more via PitchBook

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