SoMa soars again – Startups roaring back to old tech hotbed
From today’s San Francisco Business Times, “Hollowed out by the dot-com bust, SoMa is undergoing a dramatic resurgence from a new generation of tech entrepreneurs. Dozens of early-stage tech companies have sprung up to repopulate the converted warehouses of the former industrial flatland. Venture capital is again flowing freely, with SoMa companies nabbing the majority of VC cash coming into San Francisco. Hiring is at a height not seen this decade, launch parties and other slick entertainment are back in fashion, and at least a half dozen new restaurants have opened in the past year to respond to fresh crowds from SoMa and nearby Mission Bay. Techies have rediscovered that clustering makes as much sense as when dot-coms were king.”
“At the risk of sounding like we’re sipping the same Kool-Aid as five years ago, there’s an exciting trend emerging South of Market,” said Bill Benton, a longtime SoMa real estate broker. “There are young companies that have been incubating for the past couple years that are receiving VC investments or they’re making a profit and they’re starting to grow. The difference is it’s measured growth this time.”
