[henrikschroder]

Niklas Zennström of Skype founded Atomico, they're not bound to northern europe where they started, but they've been at it for ten years.

The king.com founders started Sweet Capital, which might be headquartered in Stockholm, but they obviously have an office in SV as well.

So even exit money from non-SV companies end up being reinvested in SV, instead of growing more non-SV companies, and that's just hard for other tech hubs to compete with.