4.5 • 705 Ratings
🗓️ 29 May 2020
⏱️ 11 minutes
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0:00.0 | Welcome to Axis Pro Rock, where we take just 10 minutes to get you smarter on the collision of tech, business, and politics. |
0:11.4 | Sponsored by Bridge Bank. Be safe. Venture wisely. I'm Dan Premack. On today's show, the Trump-Twitter feud |
0:16.7 | escalates and a big tech CEO departure. But first, the end of U.S. megacities. So urbanization |
0:23.0 | has been one of the most significant social and economic trends of the past decade. And in particular, |
0:28.8 | the clustering of people into so-called U.S. megacities, where the only thing higher than the rents |
0:33.7 | are the job opportunities, particularly in technology. But the coronavirus pandemic |
0:37.9 | might be changing that equation as tech companies and their employees are beginning to embrace |
0:42.5 | work from home as something that could remain in place even after a COVID-19 vaccine or |
0:47.7 | therapy is widely available. Just some numbers to look at. In 2019, 90% of U.S. tech sector jobs |
0:53.9 | were in just five cities, Boston, San Francisco, San |
0:57.8 | Jose, Seattle, and San Diego, according to a Brookings Institute analysis. And my guess is that |
1:02.8 | New York would have gotten thrown into the mix, too, if Brookings had looked just a year or two later, |
1:06.5 | or excluded biotech. But right now, big companies like Facebook and Twitter have already told |
1:12.4 | employees that work from home as a permanent option, which could cause a lot of them to either |
1:16.2 | move eventually to lower priced urban areas or to suburbs in other states. And it's really hard |
1:21.5 | to see a tech company right now decide to build a giant new megacity campus or a big corporate |
1:27.0 | headquarters somewhere. Again, |
1:28.5 | for those jobs that can be done remotely. The bottom line, tech changed cities in America once |
1:33.7 | and now might be doing so again, just in a very, very different way. In 20 seconds, we'll go deeper |
1:39.0 | with Axiocities editor Kim Hart. But first, this. The Equity Fund Resources Group at Bridgebank is a central |
1:45.0 | hub for the venture capital and private equity communities. Offering banking services for funds, |
1:49.8 | partners and their portfolio companies, Bridgebank's financial solutions are designed for the |
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