Austin’s funds have less money available for early-stage investments because later-stage deals have eaten up a lot of the fund. No, Austin has less money avail

Austin’s funds have less money available for early-stage investments because later-stage deals have eaten up a lot of the fund. No, Austin has less money available for early-stage investments because Austin has an order of magnitude less VC money, period. Most of the effects that the author observes (not many big exits, lots of smaller investors, etc) can be readily explained by that one simple fact. Wealth concentration isn't just about the 1% vs the 99%, it's also about the 0.001% vs the 0.01%. And Silicon Valley will continue to widen the gap because they can place more and bigger bets, and get bigger and more profitable exits as a result.