I would love to see a breakdown that shows the amount of money companies spend to be in the Bay Area versus the amount of money they raise, compared to the money companies would save not being in SV versus the amount they can raise there. It might be worth the added cost, it must be worth the added costs, but it's strange to just say "they can raise more money" because they also spend more. There may be fewer VCs in Pittsburgh, but cost of living is also lower, there are plenty of challenge-hungry programmers and MBAs there, and CMU is (subjectively) a better CS school than UC-Berkley.