Within the US, there’s much talk of a diaspora out of California and Silicon Valley, particularly with the sudden move to remote work catalyzed by the coronavirus. Over the last ten years, California based startups consistently raise about 35% of the venture capital in the US by round count. However, California startups’ share of acquisitions has declined meaningfully from 30% to 19%. And this persists for all the reasons that have made Silicon Valley special: the open networks, the universities, the culture, the concentration of capital. You might counter the startup IPO market is dead, long live the IPO market.