$$ Cities with Most Venture Capital Money
In 2009, almost half of all venture capital money spent in America went to four cities: New York, Palo Alto, Seattle, and Sunnyvale. So the obvious question is: Why does the Bay Area create so much economic power and not Detroit? Both have the same federal government. They work under the same laws and same rules. But San Francisco and Silicon Valley have created a culture that responds to innovation and creates business models like no other place on Earth. Cities that do this become a beacon for the most talented people in the world…
In defense of Washington, it wasn’t originally set up to be the nation’s economic engine. The U.S. government has seeded whole industries through land grant universities, defense contractors, and scientific and medical researchers to name just a few. But the government has never, will never, nor should it be expected to ignite badly needed sustainable economic booms. These economic booms originate in the souls of individuals and great cities.
Source: Gallup Management Journal