Amid the pandemic, many tech investors and executives left the Bay Area due to criticism of San Francisco’s government and high cost of living. However, four years later, a resurgence in technology can be seen in San Francisco thanks to advancements in AI according to a report by the Wall Street Journal.
The city’s startup community has fared better than most during this time with only a 12% decrease in venture capital funding for Bay Area startups compared to a significant dropoff for Miami startups.
Mo Koyfman, founder of venture firm Shine Capital stated that an established ecosystem like San Francisco’s cannot simply disappear due to temporary circumstances. He also highlighted the importance of top-tier venture firms maintaining their presence near universities such as Stanford. In fact, Shine Capital recently opened an office there last month despite being based out of New York City.
In his recent article for the San Francisco Business Times , Cyrus Sandanaji – founder and managing director at Presidio Bay Ventures – expressed optimism about exponential recovery and growth within the city. He credited activists, business leaders,and citizens who have worked towards transforming what was once considered a “doom loop” into one filled with opportunities for growth. As he concluded: never bet against us.”
