Last week I had the opportunity to attend the IdeaMensch SF conference here in San Francisco.
Being able to attend the conference and hear a stellar group of speakers share their experiences was absolutely amazing.
Following the conference, I got the unshakeable realization of how lucky I am to be living in a place that encourages and promotes innovation around every corner.
More specifically, there were three things that stuck out to me about Silicon Valley and the opportunities that it provides for people brave (and crazy) enough to try and change the world.
Safety in Numbers
Philip Rosedale spoke at the conference and completely blew away everyone in attendance. Specifically, there was one comment that he made about the start up frenzied culture here in the bay area:
‘People think that entrepreneurs are crazy; but in fact starting a company in San Francisco is a safe bet. There is 10 times the start up density of other American cities here in Silicon Valley. This is important because 9 out of 10 companies fail, and being in an environment that is flush with these connections is priceless. Why? Because you can completely bomb your own company, walk into a bar in the mission district and meet your next employer, co-founder or conceive the next big idea in the blink of an eye.’
That comment set off a light bulb in my head because Philip is 100% correct; I have literally walked into bars and seen formation agreements signed over shots of Fernet’s.
The act of starting your own business in general is indeed risky — as Phil’s 90% failure rate confirms — but in contrast, starting a business in a location like San Francisco becomes the safe thing to do because of the resources & culture available to you as an entrepreneur.
New Money is Fun
I’ll lead into this point with a story:
I took a visiting friend from New York out on the town with me one random Tuesday night. Aside from the general whiskey-fueled banter that’s the result of the night on the town, we also chatted about …
- Cherry: A mobile application that provides mobile car-washing services
- Uber Cab: A mobile application that provides taxis / towncars to users
- Get it Now: Mobile app that delivers anything you want for a nominal fee (plus tip for the delivery guy / girl)
Part way through the evening my friend stopped the conversation and mentioned that she thought these were some of the coolest, innovative ideas she had heard of in a long time.
She continued on to mention that any time the conversation shifts to business in New York, it’s always centered around Wall Street and the old money financial sector.
Which leads me to my point …
Old money is boring.
- It’s not innovative
- It’s not changing the way the world works as a whole
- And it’s sure as hell very exclusive with high barriers to entry
On the contrary, new money …
- Changes the ‘status quo’
- Creates new jobs, not replaces existing ones (*cough* *cough* finance, law, other old money industries)
- Provides the ability to change the way the world works in a positive way
Uncertainty is Addicting
There are times when the uncertainty of how a start up is going to continue to service existing clients, funnel new business into the company & pay it’s employees (either in cash or pepperoni pizza) is enough to knock a founder flat on his or her’s backside.
But once you get a taste of that uncertainty, you quickly find something out …
It’s addicting
Just the thought of going back to a standard 9-to-5, forty-hour work week makes me sleepy. Bored. Disinterested. Like a guy who’s pretending to listen to a conversation in a restaurant but is really staring over everyone’s head to see the score of the ball game.
The uncertainty provides a feeling of …
- Being alive
- Constant curiosity
- Growth
- Empowerment
It’s a terrifying, awe-inspiring & completely exhilarating experience, but the uncertainty that Silicon Valley and the start up world provides is something that everyone should be lucky to experience at least once in their lifetime.
I encourage you to go change the world and never settle for anything less than your best.
Or move to San Francisco and do both 😉
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Aside from being the CEO at MKG Media Group, Mike is a dark beer aficionado with a healthy appetite for travel and pushing personal boundaries.
A proud graduate of Washington State University, Mike currently calls San Francisco home.