38-year-old Alex Woods, a customer service professional in Silicon Valley, once anticipated that the tech innovation in the area could change the world and hopefully elevate the overall standard of living in the Bay Area.
However, according to a new survey conducted by Joint Venture Silicon Valley, as the cost of living in the region skyrockets, traffic worsens, and issues with homelessness and poverty intensify, Woods, hailing from East Palo Alto in California, has shifted his perspective on big tech.
In the survey, Woods expressed, “I initially thought the tech industry would bring in a lot of jobs and resources for the entire Bay Area. I thought they would do much more than they are now.”
Despite the tech industry being the economic engine of the region, the survey by Joint Venture Silicon Valley reveals widespread distrust towards the tech industry. Many respondents believe that the power held by big tech in Silicon Valley is excessive, and they are largely responsible for the exorbitant housing costs in the area, even losing their ability to discern right from wrong.
Among registered voters, 80% of those surveyed view the Silicon Valley tech industry as the main driver behind the rising housing and living costs, 75% think the industry holds too much power and influence, while 69% feel that Silicon Valley has lost its moral compass.
Russell Hancock, the CEO of Joint Venture Silicon Valley, remarked, “I am surprised. I didn’t expect these percentages to be so high.” This organization focuses on regional urban policy research.
Furthermore, Silicon Valley influences the global artificial intelligence arena, prompting concerns and skepticism.
Ladasha Wheeler from Pittsburgh, who schedules MRI appointments for patients, feels uneasy about the advancements in technology.
“We are messing with these things, like we’re playing God,” she said, suggesting that the pace of technological development needs to be slowed down.
Silicon Valley stands as the largest tech hub in the United States, providing employment opportunities to hundreds of thousands in the Bay Area. However, among registered voters surveyed, only 40% believe that the success of the industry has benefited the entire region, with 75% expressing concerns about the widening income gap between tech and non-tech workers.
Entrepreneurship expert and adjunct professor of management science and engineering at Stanford University, Steve Blank, believes that the survey results indicate that “people are finally waking up,” realizing that technology may not be something that “contributes to the region and my personal life.”
“Indeed, it mainly contributes to those who invest in or run companies,” he said.
This telephone survey was conducted among over 1,650 registered voters in five counties including Santa Clara, Alameda, San Mateo, Contra Costa, and San Francisco, revealing widespread disappointment among individuals heavily impacted by tech products and services towards an industry that incurs substantial social and economic costs.