Silicon Valley Powered American Tech Dominance—Now It Has a Challenger

Phred Dvorak and Yasufumi Saito

Silicon Valley, long the undisputed king of venture capital, is now sharing its throne with Asia.

A decade ago, nearly three-quarters of the world’s financing of innovative, tech-heavy startups and young companies took place in the U.S., with American investors plowing money into mostly U.S.-based venture firms.