Missing from this article is that most places outside California don't have laws in place to prevent employers claiming all the IP you generate on the side whil

Missing from this article is that most places outside California don't have laws in place to prevent employers claiming all the IP you generate on the side while being a salaried employee. Ditto for non-competes. This can make it even harder to raise money, because of the risk of litigation. The tax burden of receiving stock options is also pretty terrible, it effectively reduces the spread of equity in the Australian startup scene. So there is no broad base of benefactors from this list of successful exits to seed the next round of founders.