Donald Trump has vowed to close borders and deport millions. But you wouldn’t have known that from attending an immigrant founders event in the Fina

AI founders are moving to San Francisco from across the world to cash in on the boom

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2024-11-19 23:30:04

Donald Trump has vowed to close borders and deport millions. But you wouldn’t have known that from attending an immigrant founders event in the Financial District two days after the presidential election.

In fact, the mood at the packed evening event at Microsoft’s AI hub was effervescent. Founders from around the world networked over pizza and LaCroix, discussing their recent or imminent moves to San Francisco and Trump’s promises to supercharge the economy.

“Everywhere else, you’re a weird person who wants to start a company,” said Emmanuel Martes, who is in the process of moving his fintech company to San Francisco from Bogotá, Colombia. “Here, everyone is building.”

Ben Su, a former lawyer who is building an AI lawyer for startups, spoke with fellow Canadian entrepreneurs about relocating to the Bay Area.

Last year, more than 50% of global venture funding for AI startups went to companies in the Bay Area, to the tune of $27 billion, according to an analysis from Crunchbase. Meanwhile, all startups across Canada raised less than $5 billion.