OPINION: An estimated 30% of workers in San Francisco are employed in the tech industry, meaning any serious downturns in this sector will have an outsize impact on employment and consumer spending in the Bay Area.
Any loss of liquidity in other areas — such as poor stock performance, reduced corporate revenues and inflationary pressures — would mean less capital available to invest in venture capital. Poor stock performance will also likely persuade major investors and sources of new cash for venture capital funds to adopt a more conservative posture, depriving startups of new funds.
If market conditions keep deteriorating, then practically every startup in San Francisco and Silicon Valley is facing the risk of a serious credit crunch. This means contraction, layoffs or, in the most precarious cases, bankruptcy. One example of what the near future may look like is Robinhood, the retail investor application startup. It
. While Robinhood’s decline precedes the current market instability, it does give a taste of things to come for startups and major players alike.an estimated $147 billion dollars to The City’s economy ? These initial returns do not suggest the sector is about to undergo a repeat of the ‘90s tech bubble . Even so, losing significant numbers of well-paying jobs could have catastrophic consequences for local businesses, particularly in
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