Great startups can and do raise money in Atlanta. It's only harder for the stupid ideas to raise money. Have to got to the Valley for that. :-)
http://blog.jeffhaynie.us/whats-wrong-with-the-atlanta-start... Yes this is a couple of years old, but sadly not a lot has changed.
If you have a product that is low risk and already earning revenue you will get funding in Atlanta.....with terms requiring you to give up a lot more of your company, a lot of extra overhead with financials etc..
I would like to see this change, but this is the state of things today and if it is going to get fixed people need to be honest about how bad the problem is. The first step to recovery is admitting that you have a problem.
Meanwhile a hundred technology companies have received VC money and remained in Atlanta.