Don't look for top 1% valuations outside the Bay Area.
Location, location, location 😬
𝗪𝗵𝗮𝘁 𝘁𝗵𝗶𝘀 𝗺𝗲𝗮𝗻𝘀
Bay Area companies do indeed get higher valuations. Probably a little bit of company quality and a lotta bit of investor competition in the Bay.
If you're an SF investor, you don't really see cheap deals at seed.
"Seed" as a term is wildly variable and losing explanatory power by the quarter.
𝗪𝗵𝗮𝘁 𝘁𝗵𝗶𝘀 𝗱𝗼𝗲𝘀 𝗻𝗼𝘁 𝗺𝗲𝗮𝗻
You need to move to SF (not required).
You need to invest only in SF companies (sure, if you never want a reasonable deal).
SF companies will return the fund more often (unclear! But I believe entry prices still matter).
Venture capital is not some craft cottage industry with a few hundred participants anymore. It's an asset class with sub-classes, varied strategies, and many ways to win.
Know the games on the field, choose the one that suits you best.
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