Mark Pack

In his book Reality Check, published last October, American entrepreneur Guy Kawasaki wrote about the ingredients for Silicon Valley’s success in nurturing new firms:

If your companies have to compete with conglomerates or banks like Goldman Sachs throwing money at people, it’s going to be hard to get anyone for a startup. Pity the startups in New York, London and Singapore. Come to think of it, how many tech success stories have come from these cities?

Although he doesn’t directly address the impact of the credit crunch, the implication is that there is a silver lining to the City’s current troubles.