
The not so Golden State
For all Silicon Valley’s vibrancy, California can be a lousy place to do business
IN THE gold rush of the late 1840s, chancers dreaming of quick riches flocked to San Francisco. It is the same today, only this time they are armed with computer-science degrees rather than shovels and picks. It is boom time again in Silicon Valley. Startups are sprouting like mushrooms after rain. Investors are showering them with cash. Hoodie-clad geeks are quaffing champagne in trendy bars, as they celebrate their nascent firms’ multi-billion-dollar valuations. Meanwhile, Google and Apple continue their march towards world domination.
Those observing from afar the valley’s burgeoning entrepreneurial scene could be forgiven for...