Several of the key innovations we see today in big data have emerged from Silicon Valley. The region has been a tech hub for decades and has launched some of the most successful companies such as Apple, Google, Facebook, and eBay. The presence of universities, such as the University of California at Berkeley, has made access to talent relatively easy.

That said, the cost of living in the region has sky-rocketed, especially in the wake of the growth of the big data and data science industry. Today, the average rent for a one-bedroom apartment is well above $3,500 per month, making it more expensive than even New York City.

Silicon Valley, however, is synonymous with success and many new entrepreneurs are drawn to the region. Startups have sprung up, many of them commanding tens of millions of dollars in VC investment. However, entrepreneurs should heed statistical warnings given the high failure percentage of startup businesses. It is one thing to have a great idea, with a potential high commercial value. Turning the idea into a commercial success requires a different kind of skill and business acumen.

For those interested, the website Crunchbase offers a very comprehensive view into activities in the startup arena. The following image shows the average figures on investments that have happened on any given 7-day period, which may be in the tens of billions of dollars: