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Martensen Wright PC

Establishing Scandinavian businesses in the U.S. every day.

Martensen Wright PC attends Tech Forecast 360 in San Francisco

Martensen Wright PC was represented by Ebba Josefson at the Tech Forecast 360 event in San Francisco on February 8, 2017. The event was hosted by the Silicon Vikings, http://siliconvikings.com/.

Key note speakers included Scott A. Anderson, Chief Economist at Bank of the West; John Chiang, California State Treasurer; Sean Randolph, Senior Director of the Bay Area Council Economic Institute; Bill Reichert, Managing Director of Garage Technology Ventures; Carl Fritjofsson, Principal at Creandum; Christian Lagerling, Co-Founder & Senior Advisor at GP Bullhound, and Barry Broome, President & CEO of Greater Sacramento Area Economic Council.

Silicon Vikings & Tech Event Speakers

The speakers shared their point of view on how the new White House administration will impact the tech economy in the Bay Area and California and Nordic companies seeking to enter the US. Here are some of the highlights:

• Most speakers agreed that the cost of housing and a general housing shortage, especially in the Bay Area, are central issues for the tech economy and the economy of California. In the near future the aim to create affordable housing may be negatively impacted by the new administration’s tax policies.
• Barry Broome promoted Sacramento as a good alternative for companies that find it too expensive to stay in the Bay Area but do not wish to move to other states or abroad.
• John Chiang noted that a repeal of Obamacare would have a strong impact in California due to a substantial loss of jobs.
• On a positive note, California and the Bay Area may actually benefit from the new administration’s proposed plans to invest in infrastructure, which is very important for the tech economy.
• The speakers agreed that changes in trade policy, especially with Mexico, may have a huge impact on the economy, both in California and for the US as a whole.
• Carl Fritjofsson further shared his forecast on what’s hot in the tech industry and predicted that artificial intelligence, autonomous vehicles and cyber security will be the main industries in the coming years.
• All speakers agreed that the new administration’s policies on immigration will impact the economy in Silicon Valley and in California and that changes in immigration policies will be one of the main factors causing uncertainty in the coming years. With regard to the effect of immigration policies, Carl Fritjofsson mentioned that Creandum, a venture capital fund and mentor for startups out of Sweden, will have to consider whether they should continue telling startups that Silicon Valley is the place to be or they should rather advice startups to stay in Sweden and expand in Europe or Asia. Fritjofsson further pointed out that tech ecosystems outside the US have grown and matured during the last couple of years, Stockholm being an example of this. The new administration’s immigration policies may be the catalyst that give other ecosystems a boost thus reducing the importance and dominance of Silicon Valley.