Billionaires aren’t the only people second-guessing their California loyalties over the proposed “billionaire tax.” Entrepreneurs with fewer commas in their net worth are also considering leaving the state, as the risks of the proposed ballot initiative start to come into focus. Should their contingency plans lead to moving vans, it could threaten Silicon Valley’s role as the epicenter of innovation.
“Everyone’s in a panic,” said Brianne Kimmel, founder of San Francisco-based Worklife Ventures. Kimmel, who has invested in nearly 80 startups, said the majority of her portfolio companies based in California have begun drafting contingency plans to leave the state in the event the ballot measure passes.
“This affects anyone who has taken a chance on an early-stage company in exchange for equity,” Kimmel said, adding that the tax “would be completely detrimental for San Francisco itself.”…