SCOTTSDALE, Ariz. -- A new technology company called Stremor said it's fully funded and ready to do business.
The company said it's focused on making new methodologies for online content. It's one of the growing number of businesses that decided to start in the Valley instead of California's Silicon Valley.
Stremor has a lot of company. A number of California companies have already relocated here.
"We've been drawing companies like Yelp, eBay, PayPal, out of the San Francisco Bay area," said Barry Broome of the Greater Phoenix Economic Council.
Broome said companies are discovering that it's cheaper to live and do business in the Phoenix area. He said the Valley is looking more attractive to technology business.
"It's our ability to continue to create a great environment for small business formation," said Broome. "This kind of speaks to some of the work that the governor and the legislature's done to help keep the market free and open."
There's no doubt in Broome's mind that the Valley will soon replace Silicon Valley as the place for companies to locate.
"Arizona's leading the nation in small-business job growth," said Broome. "The greater Phoenix region is leading the nation in new company startups."
Broome said that Arizona needs to make sure that workers here are qualified for the jobs that come with those companies.
"The only thing we need to do more effectively to replace Silicon Valley is do a better job of intentionally planting the kind of science and technology infrastructure necessary to elevate us above and beyond Silicon Valley," said Broome.
Broome believes Phoenix could replace Silicon Valley within five years.