Silicon Valley is now a leading money source for political campaigns

Republican presidential candidate Jeb Bush is in Silicon Valley today meeting with potential campaign donors. Such visits to the Valley have become far more common in recent years as the tech industry as a whole has become one of the top industries for political donations.

The various segments of the tech industry — Internet firms, software makers, hardware manufacturers, and data companies — have collectively donated more than $172 million since 2008. That’s a 40 percent increase over the previous eight years, according to recent numbers from the Center for Responsive Politics.

The Valley pumped $109 million into the 2008 and 2012 presidential elections, a 61 percent increase over the 2004 and 2000 elections.

The tech industry has surpassed the commercial banking and entertainment industries, as campaign donors are concerned about the 20-year period ending in 2012. Only the Energy industry contributed more to presidential candidates.

 

Part of the reason for the increase is that the Valley has come to terms with the fact that it has a lot to lose if things don’t go its way in Washington. As privacy, surveillance, and net neutrality become highly political issues, tech companies need to have the ear of key players inside the Beltway. It’s working. The industry has won key battles on NSA surveillance and net neutrality in recent months.

Looking at the years 2008 – 2016 (projected) it’s pretty much the same picture as 1992 – 2012. The tech industry is surpassed only by the insurance and energy industries for campaign contributions.

This week’s visit is Bush’s second in just a few months. Rand Paul has also collected big checks from tech industry players, and has even opened an office in San Francisco.

Source: IBT