Now if somewhere like Spain sorted out their bureaucracy and local corruption and made it feasible to set up business somewhere nice, by the sea maybe, somewhere with plenty of nice countryside, in a place where people could actually afford to buy their own homes, and the weather was consistently nice, then I'd be there in a Flash. Who cares if it's not on London or Berlin's doorstep. The actual Silicon Valley is as far away from the US's financial and political capitols as you can get, and used to be a good thing.
Quality of life. That's what will make me sit up and take notice of the next silicon valley wannabe. Until then I'll begrudgingly just go where the work is.