I think people really underestimate how much Silicon Valley owes to the world-class universities we have here. Without them, we wouldn't dominate tech and biotech. Stanford pumps out CS/MBA/BioTech, Berkeley pumps out CS/MBA/BioTech, UCSF pumps out BioTech. Their influence can not be understated nor easily replicated to other cities even if they have a ton of VC money.