For over 50 years, the most relevant technology products came from Silicon Valley. A small area in Northern California. We know about hidden champions from all corners of the world who dominate a small subset of an industry segment. But the foundation of our future technology still today comes from Silicon Valley.
Most of the foundation technology came from other parts of the world. But the commercial success, the success of the founders, the company, and the society this all happened in was and still is the Bay Area. Neither the rocket, nor the transistor, or the first computer, or the telephone, or the Internet or the electric automobile or pretty much any other technology was first developed there. Germany, Switzerland, Sweden, and other countries have been the big contributors to the rise of global technological development. But the final product, the production, and the sales of those products have not been conducted in the original countries. The countries are proud of their creators and the creation, but they have absolutely nothing from that success.
Today, companies don’t even have to move to California – they get simply acquired by US or Chinese companies and can stay where they want. The economic rise and technological influence however are vanishing away. Germany let Kuka, one of the top robotics companies go to China. The UK let DeepMind, probably the most advanced AI companies on the planet go to the US, only to name a few.
The US was the first country that fully comprehended the economic value of Innovation and Entrepreneurship for a country. The rise of China and its financial structure shows that they clearly understand that model too and followed the US, in particular, Silicon Valley in many aspects. Most other countries in the world, especially Europe never found out how the US financial concepts work and, never realized the value of entrepreneurship, despite the fact that its massive success during the industrial revolution was built exclusively on those amazing people who built that economy. Just in the last few years, Singapore, South Korea, Indonesia, and Vietnam turned around and proactively create an ever more attractive environment for entrepreneurs from inside and outside the country.