Bernard Lunn points to Wall Street as why there is so few tech startups in New York: "First, Wall Street absorbs too much of the talent. Second, Wall Street generates a short term in a New York minute mindset."
Richard Florida would argue the opposite. Tech startups are in California as that is where the tech entrepreneurs and the VCs are. Central to Florida's argument is that companies are beholden to talent and will locate themselves where the labor market is supplying them with what they need, not vice versa. Wall Street probably exists because that is where all the traders and bankers are. Silicon Valley exists because that is where all the tech entrepreneurs are.
The arguments are not absolute, but I have more empathy for Richard Florida's case in this instance than Lunn's. Like many other techies I deserted the US North-East to come to the US South-West.
