This Nevada City May Be the Next Silicon Valley

24/7 Wall St. Insights

In terms of venture capital, Silicon Valley attracts the most investments
Venture capital invested per capita grew by $598 in Reno-Sparks, Nevada, to $4,871 in Carson City, Nevada
Also: Discover the next Nvidia

Silicon Valley is America’s tech hub, home to many of the largest technology corporations in the world. It earned its title in part because of its close proximity to Stanford University, where science research was well underway by the mid 1900s. Additionally, in 1953, the Small Business Administration was created to aid entrepreneurs in their startups. This area of northern California was also ripe with venture capital, further contributing to Silicon Valley’s growth.

The companies that occupy this space today are known for their innovative approach to the tech sector. Some extraordinarily successful Fortune 500 companies hail from this region just south of San Fransisco, including Facebook, Google, and Apple.

Looking at venture capital alone, the Silicon Valley area still attracts the most investments. For example, in the San Francisco-Oakland-Fremont metro area, venture capital investment totaled nearly $13,000 per capita in 2022, while in the San Jose-Sunnyvale-Santa Clara metro area investment totaled nearly $8,500 per capita. These investments were, respectively, about $7,800 and $4,100 higher than in 2017, according to data from National Venture Capital Association.

By finding the 25 metro areas in which venture capital investment per capita grew the most between 2017 and 2022, 24/7 Wall St. determined the cities that are emerging as the next Silicon Valley. In the 25 metro areas on the list, venture capital invested per capita grew by $598 in Reno-Sparks, Nevada, and by $4,871 in Carson City, Nevada. Of course, investment per capita was significantly different in these two cities, at about $730 in Reno and nearly $4,900 in Carson City.

Other than Nevada, the metro areas on the list span the country, and it is not surprising to find many of them on the list. These include business hubs such as the New York City and Miami metro areas, as well as metros with large research universities such as the Research Triangle in North Carolina, including Durham, and Raleigh-Cary, and the Boston metro area.

To determine the cities emerging as the next Silicon Valleys, 24/7 Wall St. reviewed data on historical venture capital investment from the National Venture Capital Association. Metropolitan statistical areas were ranked based on the raw change in venture capital invested per capita from 2017 to 2022. Population data used to calculate venture capital investment per capita came from the U.S. Census Bureau’s Population and Housing Unit Estimates program. Supplemental data on STEM — science, technology, engineering, and mathematics — occupations as a percentage of total employment is from the May 2022 Occupational and Wage Estimates program of the Bureau of Labor Statistics. Data on the percentage of adults 25 and over with at least a bachelor’s degree is from the U.S. Census Bureau’s 2021 American Community Survey.

Why We Are Mentioning This

Silicon Valley streetview

Silicon Valley is a fascinating area of the country, full of innovative thinking and wealthy CEOS. Tech-savvy individuals flock to the area, enjoying high paid jobs and beautiful California weather. Any type-A personality appreciates a region so efficient and forward thinking. Indeed, many areas of the country could stand to take a page from Silicon Valley’s book. If you want a taste of this high-tech playground, check out this list of cities emerging as the next Silicon Valley.