Saturday Stats: San Jose is the top place for minority-owned businesses in the US

We all know San Jose is one of the most diverse cities on the planet and also one of the best cities for business. So it should not come as a big surprise that San Jose is the best place for minority-owned businesses.

At $83,406/year, San Jose had the highest minority median income in the US. The average revenue per minority-owned business in our area comes in at $317,979 and there are 45.74 minority-owned businesses per 1,000 residents. 6th on the list was San Francisco and New York was all the way down at #51.

Source: Nerdwallet, SJ Economy News

2nd Annual Silicon Valley Bikes! Festival and Bike Show

From San Jose Bike Party:

Join San Josè Bike Party and the Valley’s racing, road, recreation, fixed gear, cruiser, vintage, lowrider, mountain biking and cool urban lifestyle cyclists and their families for a day of fun and community building on Sunday, May 15th, 11am to 5pm at Kelley Park’s History Park, 635 Phelan Avenue at Senter Road in San Josè.

Admission to the public is $5, kids two and under are free and $5 per show bike.

• Food Trucks
• Craft Beer
• Kids’ Space
• Bicycle Show
• Free Valet Bike Parking
• Expo
• Amazing Vendors
• Talks
• Music

San Jose's Vasona Networks raises $14.6 million

Venture funding may be slowing down, but that has not stopped Vasona Networks from raising new funding from Bessemer Venture Partners, New Venture Partners, and NexStar Partners. The company provides mobile network infrastructure that makes it easier to manage spikes of internet traffic.

This latest round of $14.6 million will bring total funding to $48 million. They will use the money to expand their services to additional cities around the globe.

Vasona Networks is headquartered at 2025 Gateway Pl. in North San Jose near the airport.

Source: SVBJ

April 2016 Downtown Dimension Highlights

Here are my notes from the latest edition of Downtown Dimension:

• General sales tax and business tax hikes have been proposed in order to help fund public services.
• Two plans are in the work to house the homeless, a permanent housing project on 278 N. Second Street and a temporary housing facility at the former Plaza Hotel.
• More food and drink openings!
• Our House at 185 Park features farm-to-fork cuisine
• Social Policy is now open at 200 S. First, a sister coffee shop to Bellano Coffee and B2 Coffee
• 2nd Story Bakeshop is a new bakery at 138 E. Santa Clara
• Ola's Exotic African Coffee and Tea is open at 30 E. Santa Clara, Suite 120
• Olla Cocina at 17 N. San Pedro offers a fresh take on traditional Mexican favorites.
• A seven-story building is moving forward near Whole Foods. It would have 35,000 SQFT of office and commercial space as well as 164 apartments. 
• The first Music in the Park show of the season will be headlined by Los Lobos on June 24th at Plaza de Cesar Chavez.

To read the newsletter, click here!

Electronic Sriracha Festival 2016

History Park is going to be all fired up with hot sauce and electronic music on May 29th. The Electronic Sriracha Festival (ESF) is coming back to San Jose after a one year hiatus. The inaugural event took place at St. James Park in 2014. While I loved the fact it was Downtown, the new location at History Park will allow more trucks and people to attend.

ESF 2016 will have seven hours of electronic dance music and 25 food trucks, all featuring Sriracha-inspired dishes. You can wash down all those spicy plates with an assortment of craft beers. All dishes and drinks will be reasonably priced at $6 or less. I wouldn't expect large portions, but this gives you the opportunity to pretend you're Anthony Bourdain and stuff your face at multiple trucks. A SJ MADE Street Mart will also be onsite offering locally produced goods and clothing.

The cost of general admission is $10 and kids under 12 get in for $3. There is also a $35 VIP admission which includes a souvenir beer mug and unlimited craft beer. I like that last option the most.

The Electronic Sriracha Festival goes down on Memorial Day Weekend (May 29th) from 12pm to 7pm. You can find out more over here or purchase tickets here.

Electronic Sriracha Festival 2014 from GLofrano on Vimeo.

SPUR: A Boom, and a Turning Point, for Downtown San Jose

There is a great article describing what is happening in Downtown San Jose over at SPUR. After many years (decades actually) of hoping that Downtown would turn the corner, it is actually happening. 

The housing market is exploding with 1,900 units under construction and 5,000 more either approved or proposed. Commercial projects are finally being proposed again with over 2,000,000 SQFT of new office space in the pipe. You can see below how much has changed in just two years. With BART and High Speed Rail coming in the next decade, the momentum will continue to build.

There is certainly much to be excited about in the years ahead if you are a Downtown resident, business owner, or supporter. To read the SPUR article, head over here.

British Airways: London vs. San Jose

As a clever promo for the new direct flight between San Jose and London, British Airways has made a video where San Jose and London face off. It is definitely worth watching and is only a few minutes long. The flight launched on May 4th and will utilize a cutting edge Boeing 787-9 Dreamliner plane.

Source: SJ Economy News

Saturday Stats: San Jose is the second best city for young professionals

Forbes has completed their annual study on the best cities for young professionals, and we fared quite well. Criteria for the study included the quality of jobs for graduates, salaries, job growth, unemployment rates, and cost of living in the 100 largest metro areas. The San Jose Metro came in second on their list despite the astronomical cost of living. When it came to salaries, we were #1 with a median salary of $78,400 for workers with five years of experience or less. You can check out the full list over here.

In related news, the SJSV Chamber is hosting a special event specifically for young professionals in Silicon Valley. This is part of their "SV Next" initiative and you can learn more about that below.

~~~

San Jose, Calif— The San Jose Silicon Valley Chamber of Commerce is proud to see San Jose included in yet another prominent national list, this time in Forbes’ 20 Best Cities for Young Professionals.

“San Jose and the Silicon Valley continue to be the place for educated young professionals to not only start their career but to also take it to the next level,” said Matt Mahood, San Jose Silicon Valley Chamber of Commerce President & CEO. “That is why the SJSV Chamber is relaunching our young professionals program, SV Next, to assist in helping them network, develop professionally and give back to their communities.”

SV Next is comprised of young professionals from Silicon Valley companies—including NowCFO, SAP, and Ameriprise Financial—between the ages of 21 and 39. It officially relaunches with a networking mixer on April 20, at Scott’s Seafood and offers young professionals a chance to meet, mingle, network and connect as well as meet established professionals who can become their mentors.

“SV Next strives to be the one-stop-shop for young professionals in Silicon Valley,” said Chloe Verrey, SV Next Chair. “Our programming addresses the needs of mid-career individuals, those entering the workforce and transplants to Silicon Valley. Establishing meaningful connections and providing professional development experiences for our members within the context of our Valley will enable them to advance their careers.”

Young professionals have always been one of the Valley's greatest assets. Just last year, San Jose's own institution of higher learning—San Jose State University—cemented its value to Silicon Valley employers when Jobvite named it one of the top workforce provider to some of the Valley's heavyweights, including Apple, Cisco and Hewlett Packard. San Jose also holds a greater share of total STEM graduates [29%], compared to the national average of 15%, and higher even than the average held by STEM global leader Finland [22%]—a crucial key for young professionals looking to attain high-paying jobs within the advanced industry sectors.

"There are many opportunities for young professionals in this Valley," Verrey said. “With the diversity of companies and people in San Jose, it's no surprise that we made this list.”

SV Next is looking to engage young professionals in unique networking and professional development opportunities. In 2016, the group aims at working with partners focused on leadership training, professional advancement and community service. For additional information or to join, email here.