[onemoreact]

I agree with most of what you are saying. However, SV still generates a smaller fraction of millionaires than most people in the tech world might think. Around 200,000 Americans made over a million dollars last year and most of them took fewer risks than the classic raman profitable startup does. A tiny fraction of startups generate billionaires but when you start looking at expected payout and risk it's harder to justify as anything other than the best option based on your current skills.

[bmelton]

I think (and have no evidence to support this whatsoever) that the temperate climate may factor in to the concentration of bootstrapped ventures in SV as well.

My logic is that homelessness in somewhere like Juno Alaska would be FAR worse than being homeless in the Valley, so in that sense, a bootstrapped Valley startup with a short runway is more risk averse than that same startup somewhere with more extreme temperatures.