Creating Regional Wealth in the Innovation Economy: Models, Perspectives, and Best Practices

Part I. Silicon Valley: The Magnetic Force

Perhaps no region has captured the imagination of the world quite like Silicon Valley, California, has. Just as the '49er gold miners stampeded to San Francisco 150 years ago to pan for gold, hundreds of thousands of young, ambitious people flocked to Silicon Valley in the mid to late 1990s to become part of what seemed the modern-day Silicon Valley gold rush. But the hype of quick wealth has receded now. The triple hammer blows of the meltdown of the Nasdaq stock market and the dot-com industry, the electrical energy crisis in 2001, and the aftereffects of the September 11, 2001, tragedy have brought hard financial reality back to the region.

However, Silicon Valley was not a flash in the pan success ...