At a recent dinner in NY hosted by our friends at Lowenstein Sandler, a Silicon Valley-based VC made this comment to kick off our dinner conversation. While the comment was made at least partially to stir the pot, the sentiment behind it was real. From his perspective, allocating his own and his firm’s time to NY or any market outside of Silicon Valley was a waste because in his view, the best dealflow is in Silicon Valley and so it stands to follow that the biggest exits will come from the Valley as well. (NY’s first VC-backed $1 billion exit clearly wasn’t enough to impress him.)
After hearing the comment, we wondered if this was more VC anecdote dressed up as data (see here, here and here for examples of those) or whether there was some truth to this.
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