Time: “Silicon Valley Goes to the Beach”


via VeniceRob on the forum, Time published an article covering growth of the tech economy in Venice. A sampling:

Such is life in Silicon Beach, a stretch of roughly four miles from Venice to Santa Monica that has become the heart of Los Angeles’ fast-growing tech scene. Thanks in part to Hollywood’s proximity and a climate that sells itself, there are some 800 startups in the area that have attracted about $1.3 billion in venture capital since 2011, according to a report from PricewaterhouseCoopers and the National Venture Capital Association. Silicon Beach’s ranks include social-media companies like Whisper and Snapchat, which reportedly turned down a $3 billion acquisition offer from Facebook in 2013. And that’s not the only attention the area has drawn from its namesake 400 miles to the north. Google occupies 100,000 sq. ft. of Venice office space, including some in the iconic Frank Gehry–designed Binoculars Building. Facebook opened an office in nearby Playa Vista in 2012.

All this has helped turn a patch of sun-soaked coast better known for beachfront promenading into an unexpected model of growth for the new digital economy. A 2012 report from the business-data organization Compass ranked L.A. as the third largest tech ecosystem in the world, behind only Silicon Valley and Tel Aviv. And as startups multiply along the Pacific Coast Highway, developers have scrambled to meet the surging demand for housing and office space and the increasingly high prices they command.