First used by journalist Don Hoefler in 1971 in his report on the semiconductor industry, the term “Silicon Valley” gained widespread use in the 1980s and has entered the global lexicon as a phrase to define leading centers of technological innovation.
Today, Silicon Valley’s economy is worth nearly $1 trillion and is home to some of the world’s most valuable companies, including tech giants Apple, Google and Tesla. It is no surprise that many countries have tried to emulate the practices of companies in the area.
But, recreating such an environment has not been that easy and straightforward. Why then has it been difficult? While Silicon Valley is a hub of innovation, it is also where business practices and work culture are transformed. To stay ahead of rivals, companies in the area are compelled to become agile and increasingly fast in delivering new products and services.
Those who have thrived in Silicon Valley and found greater success around the world were those who took risks in investing in new ideas and were agile enough to adjust their business models according to demands of the market.