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Thread: For Newcomers in Silicon Valley, the Dream of Entrepreneurship Still Lives
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[quote=GROWTHRING,461449]SOURCE: NEW YORK TIMES SAN FRANCISCO — Atha Fong, 22, has trouble explaining to her mother exactly what she does as a product manager at iSkoot. “Basically, her understanding is that I work with engineers to make mobile phone applications, but more than that, not really,” she said. Her more than $70,000 salary, stock options and personal investment portfolio, though, go a long way to alleviate any parental concerns. Ivan Lee, 25, turned down a lucrative offer from Microsoft to start his own company, developing location-based games that he hopes will eventually dominate the industry. Bansi Shah, 23, picked up her undergraduate diploma, then took a job at Lattice Engines, a small San Mateo startup, where she makes “near the top” of the company’s $80,000 to $130,000 range for an entry level product manager, plus equity. These are the latest high-tech migrants to Silicon Valley, in their 20s and fresh out of college, drawn by a surge in start-ups and investment money that in the last year and a half has created more jobs than companies can fill, and eager to help shape the technology that infuses their lives. Their peers in other parts of the country — indeed, in many other parts of the state — may be struggling to find jobs, their independence stunted by financial hardship. But these recent college graduates are, at least for the moment, snugly protected from any hint of the recession. “We’ve always had this gravitational pull,” said Julie Hanna, a serial entrepreneur who sits on the boards of a number of successful companies, “and then on top of that, we have the economic contrast, because the rest of the country looks like a desert and here money is flowing freely.” Boom and bust cycles are endemic to Silicon Valley, where many older denizens have vivid memories of the giddy highs of the 1990s and the desperate lows that followed, when the dotcom bubble burst. [/quote]
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