[skissane]

Your points are true, but I think other factors also play a role. What makes, for example, Australian investors behave differently to American investors? No doubt differences in economy size, regulatory regimes, etc, make a difference. But I also think some of it is due to differences in national culture. People have been talking about "tall poppy syndrome" as an element of Australian culture for decades; people don't say the same thing about American culture. (That said, it looks to me like the concept, but not the name, is increasingly making inroads into the US.)

[mrDmrTmrJ]

Certainly investor culture matters a ton. And US is a big place and certainly isn't monolithic. All the stories of early silicon valley speak of a clash with 'East Coast' investors who are viewed as being more conservative on both terms and stages.

It's a little goofy, but I have a personal hunch that the high level of sunlight in Silicon Valley help entrepreneurs there - as building companies is rough so it helps to persevere if it's always bright out.

(Background, I grew up in Boston, moved to Silicon Valley, and have tried to start companies with varying amounts of success.)