Gathering round Big Tech: How the market for acquisitions concentrates the digital sector
研究发现美国数字部门中有前途的小企业集中在大型科技公司附近，因为收购市场受这些巨头主导，2000-2020年间趋势加剧，对地方扶持数字企业的努力构成挑战。
Abstract Small businesses within the digital sector are spread across the USA. However, a significant number of promising small businesses concentrate in major technology hubs, either initially or through relocation. This phenomenon can be attributed to the influential role played by localized markets for financing and acquisition, which is, in turn, driven by the dominant market positions held by major digital platforms. Our research demonstrates a clear pattern of localized acquisition markets, particularly in sectors frequently targeted by the seven largest American digital giants—Amazon, Alphabet (Google), Apple, Microsoft, Meta (Facebook), Oracle, and Adobe, collectively known as ‘Big Tech’. This localization trend has become more pronounced between 2000 and 2020. Our analysis indicates that the gravitational pull of these acquisition markets poses challenges to local initiatives aimed at fostering digital businesses. These efforts would be more successful if measures were taken to limit the market influence of digital platforms.