Mike — isn’t the core of this argument however that all money invested is “equal”… i.e. the presence of capital isn’t creating a return, ergo return can’t be generated in Austin?
I’d contend that Austin lacks truly smart, connected sources of capital. Investors who intrinsically understand the opportunities and pitfalls in emerging next cycle businesses — VR, AI, advertising, etc. Investors who have real and deep connections in the companies making the future are going to do better than those who do not.