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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

Pemo Theodore

Pemo Theodore is a Media Publisher & Event Producer and a great people connector.. She is Founder/CEO Silicon Valley TV which has served the San Francisco Bay Area for 11 years! She has produced Silicon Valley Events for Investors & Startups for 9 years. Pemo loves to video interview venture capitalists & founders to engage the human behind the success stories.. She has been Executive Producer of FinTech Silicon Valley for 5 years, organizing twice monthly FinTech talks & panels in San Francisco & Palo Alto. She believes in learning through a great discussion with experts in the domains. Pemo has a talent to bring the right people together and is an incredible networker. Pemo's events have been seen as supporting Venture Capitalists & Angels in sourcing great deal flow from startups who attend her events. Many founders have received funding through meeting investors at her events. Her favored medium is visual media and she has built up a great body of work of videos of panels & interviews in Silicon Valley.startup ecosystem.

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