Business

/

ArcaMax

Michael Hiltzik: They say San Francisco is coming back as a tech hub, but it never really left

Michael Hiltzik, Los Angeles Times on

Published in Business News

Michael Suswal's first eye-opening encounter with the vibrancy of San Francisco came in 2017.

That's when he and his fellow co-founders of Standard AI, an artificial intelligence startup funded by the incubator Y Combinator, moved from New York to San Francisco for the summer.

"Initially we planned on going back to New York," says Suswal, 44. "But after living in the Bay Area for two or three months, between us we had way more network contacts than we had had in our combined 50 years living in New York."

When COVID hit, Suswal told me, he moved to Seattle and worked from home. Last year, when he and a partner opted to co-found a new company, they pondered the best place to start.

"We thought, where else would you go that would have more support, more connections, the right type of environment and the right investors? Building a company is hard. It takes everything you've got, and even then there's an 80% chance of failure. So why would you stack the deck against yourself? It was a no-brainer to come back here."

Generation Lab, which Suswal co-founded with longevity expert Alina Su and UC Berkeley bioengineering professor Irina Conboy, aims to market a technology that can help customers identify and manage long-term medical conditions.

 

Suswal's take is different from what you might have heard from the news media and red-state politicians over the last few years. They spin a narrative of a region — indeed, the entire state of California — in secular decline. Of a Silicon Valley whose best days are behind it. Of wholesale flight of money and talent to new, welcoming places such as Miami and Austin.

But there has never been much truth to that narrative generally, and it's more dubious than ever today, when the Bay Area has emerged as a center of artificial intelligence investing.

There is no shortage of newsy nuggets to illustrate the "doom loop" narrative about San Francisco.

On Tuesday, for instance, Macy's announced that it would close its gigantic store overlooking Union Square sometime in the next three years. But the closure is part of a major corporate retrenchment involving the closings of 150 stores nationwide, 30% of the total.

...continued

swipe to next page

©2024 Los Angeles Times. Visit at latimes.com. Distributed by Tribune Content Agency, LLC.

Comments

blog comments powered by Disqus