Editing Silicon Valley (section)

===Emergence of venture capital===
{{further|Venture capital|Sand Hill Road}}
By the early 1970s, there were many [[semiconductor]] companies in the area, [[computer]] firms using their devices, and programming and service companies serving both. Industrial space was plentiful and housing was still inexpensive. Growth during this era was fueled by the emergence of [[venture capital]] on [[Sand Hill Road]], beginning with [[Kleiner Perkins]] and [[Sequoia Capital]] in 1972; the availability of venture capital exploded after the successful $1.3&nbsp;billion [[Initial public offering|IPO]] of [[Apple Computer]] in December 1980. Since the 1980s, Silicon Valley has been home to the largest concentration of venture capital firms in the world.<ref name="WRichardScott">{{cite book |last1=Scott |first1=W. Richard |last2=Lara |first2=Bernardo |last3=Biag |first3=Manuelito |last4=Ris |first4=Ethan |last5=Liang |first5=Judy |editor1-last=Scott |editor1-first=W. Richard |editor2-last=Kirst |editor2-first=Michael W. |title=Higher Education and Silicon Valley: Connected But Conflicted |date=2017 |publisher=Johns Hopkins University Press |location=Baltimore |isbn=9781421423081 |page=65 |chapter-url=https://books.google.com/books?id=QtoxDwAAQBAJ&pg=PA65 |access-date=August 11, 2019 |chapter=The Regional Economy of the San Francisco Bay Area}}</ref>

In 1971, [[Don Hoefler]] traced the origins of Silicon Valley firms, including via investments from [[Fairchild Semiconductor|Fairchild]]'s eight co-founders.<ref name=DH-71 /><ref name="NetValley">[http://www.netvalley.com/silicon_valley/Legal_Bridge_From_El_Dorado_to_Silicon_Valley.html A Legal Bridge Spanning 100 Years: From the Gold Mines of El Dorado to the "Golden" Startups of Silicon Valley] {{Webarchive |url=https://web.archive.org/web/20130601012834/http://www.netvalley.com/silicon_valley/Legal_Bridge_From_El_Dorado_to_Silicon_Valley.html |date=June 1, 2013 }} by Gregory Gromov</ref> The key investors in Kleiner Perkins and Sequoia Capital were from the same group, directly leading to ''[[Tech Crunch]]'' 2014 estimate of 92 public firms of 130 related listed firms then worth over US$2.1 trillion with over 2,000 firms traced back to them.<ref name=Morris-2014>{{cite web |url=https://techcrunch.com/2014/07/26/the-first-trillion-dollar-startup/ |title=The First Trillion-Dollar Startup |work=[[Tech Crunch]] |first=Rhett |last=Morris |date=July 26, 2014 |access-date=February 22, 2019 |archive-url=https://web.archive.org/web/20190222151949/https://techcrunch.com/2014/07/26/the-first-trillion-dollar-startup/ |archive-date=February 22, 2019 |url-status=live}}</ref>