VC money is a big part of the ecosystem but not everything. For example I'm from Texas and there's a lot of angel activity going on here which isn't captured by

VC money is a big part of the ecosystem but not everything. For example I'm from Texas and there's a lot of angel activity going on here which isn't captured by VC funding metrics. There is also an emphasis on startups which can be cashflow positive early and not require years and years of VC funding first.