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You see 6,000 times more tech companies in San Francisco than you see in Seattle. All the money is in San Francisco when you look at the venture fund maps. The PR is in San Francisco. The centricity of the industry is in San Francisco.

There aren't many sources of money in San Diego, apart from local partnerships and local investors. It's pretty starkly polarized to Silicon Valley.

If you're an entrepreneur, and you have a choice to go to a place where there are 250 VC firms or somewhere else where there might be one or two, you're gonna go where all the money is.

What makes San Francisco work is that high-value people like to live there and cluster.

VC firms are... responsible for the full life cycle of a company: they find it, help it grow, open up a Rolodex, and sell it.

During the 1990s, San Francisco lived through one of the most intense economic booms of its history.

Understand that VCs are simply a sophisticated form of financial investors who, in turn, need to satisfy their own investors.

One of the biggest mistakes entrepreneurs make is not understanding the relationship they have with their investors. At times, they confuse VCs with their friends.

'Silicon Valley' has come to mean the Bay Area, not just down the Peninsula.

Venture capital today is clustered in just a few locations - Silicon Valley, New York, Boston, and D.C. It's far from efficiently distributed and accessible.