Sure, but when you're talking about what makes a place better than another for startups, what matters is not who's more important, but what the limiting factor

Sure, but when you're talking about what makes a place better than another for startups, what matters is not who's more important, but what the limiting factor is. And to me it seems clear that in NYC it's investors, not entrepreneurs. Sure there might be tons of smart & innovative hackers here. But if most of them aren't going to get funded, then they're gonna move to the Valley. (I realize more investors could move here/get started here, and it does seem to be happening, but they have much more inertia and are rich, so they don't have to move, unlike most cash-strapped entrepreneurs looking for the next bit of funding that will allow them to really expand.)