Obviously nobody implied it literally doesn’t exist.
Every US region outside of the Bay Area is "mostly pennies" relative to the Bay Area too - the Bay Area accounts for 2/3s of the total venture capital in the US.
But that's still also somewhat misleading in that a lot of the bug US funds both have a lot of foreign LP's and invest a lot outside the US, and the same pattern holds within the US, so, sure it's pennies in terms of the location of the fund managers.
When you instead look at valuation or invested capital by recipients, it's still lopsided but much less so.
You find the same in Europe - London is far more dominant as a location of fund managers than it is as a location of LP's in the funds, as well as the location of companies invested in or valuation.
Yes being prudent and staying safe have costs. Acting stubbornly as base mindset all the time also have costs.
> suffer two world war consequences
I don’t particularly see how relates to general attitudes towards innovation.
