I think you’re misinterpreting his point. He’s not saying there won’t be unicorns outside of the valley. He’s saying the cost/benefit of being in SV makes sen

I think you’re misinterpreting his point. He’s not saying there won’t be unicorns outside of the valley. He’s saying the cost/benefit of being in SV makes sense for unicorns but not for many 100m startups. As a result, you’ll still see a disproportionate number of unicorns in SV but more 100m startups will start moving away.