If you look at the Valley as an example, it's a bit of both. The grungy garages are the most romanticized element, but there was quite a bit of large-scale inst

If you look at the Valley as an example, it's a bit of both. The grungy garages are the most romanticized element, but there was quite a bit of large-scale institutional support. Stanford Industrial Park and the cluster around NASA's Moffett Field served as two anchors that were something like incubators, though focused on somewhat larger, more capital-intensive, engineering-oriented companies than what today's startup incubators tend to focus on.