Post-Pandemic Geography: Predictions for Living, Working, & Traveling Post-Covid in America’s Startup Cities
Revolution’s Rise of the Rest Announces that Airbnb Co-founder and CEO, Brian Chesky, will join Steve Case for the Tech Talent Tour Mainstage Discussion (Thursday, June 24th, 2021 at 12:00 PM ET). Register for free here: careerfair.revolution.com
The Covid-19 pandemic has changed life as we know it. Despite waiting for a “return to normal,” it’s clear that over the last year society has been constructing a “new normal.” Emerging data continues to show that the experience of living through a global pandemic has changed our world in permanent ways, many of which we may not fully realize for years to come.
Nowhere is this more evident than in the world of work where we have been acutely interested in two data points: the acceleration of funding to early-stage startups outside of the Bay Area and the acceleration of remote work opportunities in tech. The percentage of early-stage venture capital dollars invested into Bay Area startups dropped 15% over the last 10 years, from 39% to 24%. More than half of that percentage decline happened over the last year (32% → 24%). A year ago, less than 10% of the 160 million-person U.S. labor force worked remotely full-time. Early in the pandemic, that number jumped to nearly 50%. While the world continues to open back up, many predict that the percentage of remote workers may hover around 25%. A survey of companies in the Rise of the Rest Seed Fund portfolio suggests the long term numbers may be higher in tech: pre-pandemic, only 20% of surveyed companies had remote work options; as we reinvent life on the other side, more than 70% of respondents now say they plan to keep remote work policies fully intact.
We believe the Covid-induced acceleration of these two trends may usher in “the great unbundling” of Place. Historically, where you work and where you live has been a package deal, but the remote work phenomenon of Covid is changing that and allowing companies to compete for talent on different terms. Venture investors pay close attention to the innovation that emerges when startups unbundle the offerings of industry incumbents. The same thing is happening with startup talent recruitment and retention. Startups, no longer wed to the longstanding work/life bundle, can better compete for talent on the basis of the vision, mission, and potential impact of their business. And cities all across the country can now directly market quality of life to people open to relocation.
What will this “great unbundling” look like? Today, we are excited to announce that Airbnb Co-founder & CEO, Brian Chesky, will join Revolution Chairman & CEO, Steve Case, to headline the virtual mainstage at our first-ever Tech Talent Tour and Virtual Career Fair.
At Rise of the Rest, we see opportunity first through the lens of geography. And we have since we started our efforts in 2014. While 75% of all venture capital still goes to just three states (CA, MA, NY), we’ve seen firsthand the power and potential of investing in high-growth startups in cities all across America.
And by extension, we’ve long admired Airbnb, who scaled to public-company status by reimagining the travel industry and democratizing access to thousands of places all around the world. Like us, they are now closely watching the post-Covid trends that intersect with place. When Brian recently revealed 100+ updates to Airbnb’s website, app, and policies, he also revealed a key shift in consumer behavior: people are not only traveling on Airbnb, they are now living on it.
On our virtual stage, Steve and Brian will stitch together a vision for what post-pandemic life looks like. How will companies view talent recruitment and retention? What role will city governments play? How will digital nomads change the way we think about the places or structures in which we call “home?” In this “shake the snow globe moment,” they will predict where the flakes will fall.
Please join us. Register for free here: careerfair.revolution.com
