Reid Hoffman is the co-founder of LinkedIn and one of Silicon Valley’s most well-known investors. In a recent interview with CNBC, Hoffman talked about how he would change Silicon Valley if he had a magic wand. “We want more areas around the world to be entrepreneurial hothouses,” Hoffman said. So we need more of the ‘Hey, how do we (Silicon Valley-based companies) spread the entrepreneurial knowledge culture?’ How do we help other cities like Detroit and New Orleans? Now, there are some people doing this but I’d like to see more,” he continued. Let’s face it, Silicon Valley’s diversity problems are no secret. So, of course, we don’t need to create a replica of the region known for producing some of the most innovative companies in the world. But there are still quite a few lessons startups can steal from the Silicon Valley framework. Build a community around your startup Companies like Google and Facebook tap into their very own powerful networks of local businesses, former colleagues, partners, and friends. These communities exist as a safe space where people can not only ask questions, find experts, and hire talent but they can also easily share ideas, successes, and failures. Ultimately, through a combination of events, resources, and initiatives you can build your social capital to support your position and market advancement. Focus More on Employee Growth vs. Employee Retention Employee retention is a pain point for many companies. However, nowadays, companies are embracing the fact that employees will explore other career opportunities—sooner than… [Read full story]
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