Silicon Valley
History

Silicon Valley was born through the intersection of several contributing factors, including a skilled science research base housed in area universities, plentiful venture capital, permissive government regulation, and steady U.S. Department of Defense spending. Stanford University ’s leadership was especially important in the valley's early development. Together these elements formed the basis of its growth and success. The United States was more friendly than other countries to business investment, charging much lower taxes on capital gains since the Revenue Act of 1921, and featuring particularly loose free market controls over new business. In 1953, the Small Business Administration was created to foster startups, giving a boost to entrepreneurs. Northern California was even more welcoming, with a group of venture capitalists actively seeking high-tech business ideas, clustered on Sand Hill Road in Menlo Park and Palo Alto. California 's civil code undermined the usual non-compete clauses that effectively tied employees to their companies in other states, allowing California workers to freely apply the knowledge they gained from their previous employer. This gave Silicon Valley an advantage over other American tech hubs such as Massachusetts Route 128 curving around Boston.
detectable_format:number_bullet_lists[8], oulipo:avoid_letter[o]