Innovation and High Tech in the United States of America, with reference to the San Francisco Bay Area

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1 Innovation and High Tech in the United States of America, with reference to the San Francisco Bay Area Massimo Maresca Science/Technology Attaché at the Consulate General of Italy in San Francisco Cotec Meeting Rome, May 2016 Cotec 1

2 East Coast West Coast The UnitedCotec States of America 2

3 Bay Area California Cotec 3

4 Berkeley San Francisco The Bay Area of San Francisco Stanford Cotec 4

5 Why the Bay Area of San Francisco is the world center of innovation Top Level Universities Top Level National Laboratories Top Level High Tech Companies Top Level Venture Capital Firms Cotec 5

6 Top Level Universities in the Bay Area Undergaduates Graduates Stanford UC Berkeley UC San Francisco Faculty members Nobel Laureates Top Level National Laboratories in the Bay Area Lawrence Berkeley National Laboratory (LBNL) Stanford Linear Accelerator (SLAC) Number of Scientists Nobel Laureates NASA Ames Research Center (NASA) Cotec 6

7 Top Level High Tech Companies in the Bay Area (Examples) Hewlett-Packard Yahoo Apple Cisco ebay Electronic Arts Facebook Google Pixar Adobe Systems Intel Twitter Symantec Nvidia Salesforce.com Oracle Cotec 7

8 Top Level Venture Capital Firms in the Bay Area (1) Accel Partners Palo Alto $6,000M Andreessen Horowitz Menlo Park $950M August Capital Menlo Park $2,500M Azure Capital Partners San Francisco $330M Battery Ventures Menlo Park $4,000M Benchmark Capital Menlo Park $2,300M Bessemer Venture Partners Menlo Park $2,500M Canaan Partners Menlo Park $3,500M Canvas Venture Fund Menlo Park $175M Charles River Ventures Menlo Park $2,100M Clearstone Venture Partners Menlo Park $650M Crosslink Capital San Francisco $1,800M CrunchFund San Francisco $59M DAG Ventures Palo Alto $500M Data Collective San Francisco $265M Draper Fisher Jurvetson Menlo Park $5,000M Foundation Capital Menlo Park $2,400M The Founders Fund San Francisco $1,000M General Catalyst Palo Alto $2,000M GGV Capital Menlo Park $1,600M Cotec 8

9 Top Level Venture Capital Firms in the Bay Area (2) Google Ventures Mountain View $1,600M Granite Ventures San Francisco $1,000M Greylock Partners San Mateo $2,000M Highland Capital Partners Menlo Park $3,000M IDG Ventures San Francisco $6,800M Innovacom San Francisco 300M Intel Capital Santa Clara $9,800M Institutional Venture Partners Menlo Park $2,900M Inventus Capital Partners Menlo Park $158M Kleiner, Perkins, Caufield & Byers Menlo Park $1,500M Khosla Ventures Menlo Park $1,300M Lightspeed Venture Partners Menlo Park $2,000M Maveron San Francisco $1,000M Mayfield Fund Menlo Park $2,400M Menlo Ventures Menlo Park $4,000M Meritech Capital Partners Palo Alto $2,600M Morgenthaler Ventures Menlo Park $3,000M New Enterprise Associates Menlo Park $17,000M Cotec 9

10 Top Level Venture Capital Firms in the Bay Area (3) Nexit Ventures Saratoga $180M Oak Investment Partners Polaris Partners Palo Alto $8,400M San Francisco $3,500M Redpoint Ventures Menlo Park $2,000M Scale Venture Partners Foster City $1,000M Sequoia Capital Menlo Park $4,000M Sevin Rosen Funds Palo Alto $1,600M Social Capital Palo Alto $1,200M Sofinnova Ventures Menlo Park $1,400M SoftTech VC Palo Alto $70M Tenaya Capital Menlo Park $1,000M U.S. Venture Partners Menlo Park $2,700M VantagePoint Venture Partners San Bruno $4,500M Venrock Palo Alto $2,600M Cotec 10

11 The Revolutions The Bay Area has been hosting a number of scientific/technological revolutions based on solid scientific activity for almost a century. Cotec 11

12 The main revolutions which took place in the Bay Area Electronics, measurement and equipment (Hewlett Packard), Transistor (Shockley), Microprocessor (Faggin, Intel, AMD, ST), PC (Apple, Steve Jobs), Object Oriented Programing (Java, C++), Data Base/Warehouses (Oracle) Internet (Cisco), Web (Google), Smartphone (Apple), Social Networking (Facebook, Twitter), Big Data (Hadoop, Spark) Cotec 12

13 The Value of High Tech The GDP in Italy is of the same order of magnitude as the GDP in California. The ratio between Profits and Revenues in the first 2000 world companies (Forbes) is 1% in Italy, 5% in Germany and 17% in the Bay Area of San Francisco. That confirms that the Italian economy has low profitability whereas the Bay Area economy exhibits high profitability, not only with respect to Italy but also with respect to Germany, in which the economy is based on more traditional industrial sectors. Cotec 13

14 Enterprenurial Immigration A consistent flow of people come from all over the world to the Bay Area to empower their startup initiatives. Companies typically do not aim at the American market Companies aim at globalizing their business Cotec 14

15 Start-up Companies and Start-up Enterpreneurs Ideas vs people "People" is the key factor Enterpreneurs are exceptional people. They are are goal oriented, motivated, determined, able to establish and maintain relationships, able to motivate people, able to understand when they must insist and when they must give up. They tend to be successful no matter the domain they are in (high tech, science, politics, administration, media, management, etc.). Those who do not have these chracteristics waste time and money. Cotec 15

16 Start-up types Science/Technology driven. The idea comes from top level scientists widely recognized by the scientific community thanks to publications in top level journals or more in general thanks to public scientific/technological achievements. Usually these enterpreneurs are mature scientists. Process/Market driven. The idea comes from professionals who have worked in a domain for years or decades and have a deep experience on some key processes and/or market opportunities hidden in that domain in which they are able to identify the possibility of improvements and/or new services. Usually these enterpreneurs are are mature professionals. People driven. The idea is not relevant. The strength is in the founders, in their ability to see things that other people are not able to see, to forecast non-obvious world/market evolutions. Cotec 16

17 Conclusions There is no shortcut to success. Young potential enterpreneurs must study and try to reach ambitious goals in universities, research laboratories and high tech companies. A few of them, in the future, will have the strength to activate their own initiatives leveraging scientific results, process and market knowledge. People is everything. Italy must invest in people and must attract the best talents. While Italy is based on family and tradition, those who aim at exceptional goals must forget family and tradition and go where they can find opportunities and development. Cotec 17