Location is a tool, and it's a mistake to buy cheap tools.
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One reason the Bay Area is so expensive is that the way to make a successful startup is to make the right product, not to pay employees less. So cheaper locations have no advantage.
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Except you get a longer payroll runway on the same capital which gives you more chances to figure out what the right product is.
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In principle that could make a difference, but empirically it doesn't. Probably because good founders can usually raise more money if they need it, even if things aren't quite working yet.
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I think especially the last part of the implication chain doesn’t always hold true. Chain: Expensive location implies expensive employees implies great product
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Not only that but 99% of investments will fail to produce returns measured in bitcoin which is much lower risk.
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More capital pumped into the local economy is what changed.
End of conversation
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I hope we can find a way to fix San Francisco’s homelessness problem (and by extension, homelessness in general). It is so disheartening and profoundly sad, in a way that goes against some of the ideals of why Silicon Valley is innovative in the first place.
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