The level of talent we can hire by getting people who used to work at FAANG, offering them 50% what they used to make, and letting them leave the Bay Area is absurd.
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They can go live by family, have a ridiculously high standard of living, and work on really cool problems for quickly-growing companies. Remote work isn't perfect; still good to get in person, but easy to justify flights + hotels when the alternative is SF salaries
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This is inevitable. I started working for a Silicon Valley company in 1997, and have held a number of leadership positions for three different venture-funded SV companies, all from my home in Wisconsin. Lots of advantages for both parties.
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