Why Are There No 1 Percent Occupy Protests in Silicon Valley?
Greed and entitlement are not words you often hear associated with Silicon Valley. There is just as much money in the Valley as there is on Wall Street and there is definitely more coming its way. With new start-ups and ideas flowing rapidly through the heart of the Valley, money from investors has always come in large … not large, HUGE number's if the product is good enough. There is no shortage of money out here to fund these ideas and to put some of that money in the pockets of these idea makers. With bank accounts similar to that of stock brokers on Wall Street, why is no one occupying Silicon Valley?
The 1 percenters in Silicon Valley are just as wealthy as the ones elsewhere, so why is no one jumping down their throats? The differences between the technologist that run rampant through the Valley and the men and women who call Wall Street home can be explained in one word: ego.
Software engineers, principle Architects and most CEO's have checked their egos at the door when they come into work. Their work, their past education, and overall being is not focused on money but their next product launch.
Instead of partaking in the status quo of college — i.e. excessive drinking, partying — generally these were the people that were building their own websites explaining how to use Yahoo's new tool Hadoop. Wall Street 1 percenter’s, since an early age, are bred to believe they are entitled to the money they are given or making. Whereas technologist do not feel this entitlement and feel through hard work they can earn as much by doing something that will ultimately impact the world. Their egos were never stroked because they never had to be, they were above the social politics of college and more focused on how to improve lives through their craft. Income for software engineers in the Silicon Valley is much higher than anywhere else in the country and it does not just stop there, anyone in technology is earning more out here than anywhere; and yet, they are not considered 1 percenter’s.
They do not feel entitled to this money however starting out, most comes from venture capitalist firms but that does not mean that can rest on their laurels. There is no occupying the Valley because their money does not seem like blood money, and it is instead funding good ideas, ideas that will improve the quality of life in our world; whether it be helping people connect around the world via social media, understanding their finances with ease, and literally saving lives in the health care industry, all through technology.
One of the biggest VCs in the Valley, Andreeson Horowitz — who has Facebook, Skype, and Twitter in their portfolio — just added philanthropists to their titles. The six general partners of Andreeson Horowitz have pledged to donate at least half of their income of their venture capitalist careers to charities around the Bay Area. This is what the other 1 percenter’s fail to understand, that there is always a way to make more money. Instead of keeping it all to themselves or setting up huge trust funds for their children, the partners of AH are putting their money back into their community that has helped house the venture capitalist firm. The greediness of people on wall street does not speak on behalf of every 1 percenter out there and AH is just the first to make this bold move with hope of others in the industry to follow.