His thesis that Silicon Valley is good at exits, but unremarkable at capital raises seems to be an alternate reality to me.
Hard data on raises is everywhere - see for example the PWC moneytree report. The Valley has consistently done as much as the rest of the country combined (approx.) for decades now.
Exits on the other hand are fuzzier and tend to come from everywhere. IPOs for example are really more made in New York than the Valley if you think about it. Acquisitions are more Valley-centric only because tech companies tend to acquire other tech companies, and the Valley has more of them.
Hard data on raises is everywhere - see for example the PWC moneytree report. The Valley has consistently done as much as the rest of the country combined (approx.) for decades now.
Exits on the other hand are fuzzier and tend to come from everywhere. IPOs for example are really more made in New York than the Valley if you think about it. Acquisitions are more Valley-centric only because tech companies tend to acquire other tech companies, and the Valley has more of them.