That's how you do it. Rent a tiny space in SF for your token SF people, then open offices in Portland, Boulder, Austin, etc. You're still an SF company, but your runway is twice as long as everyone else's.
(East Texas is famous, or notorious, as where patent trolls like to file their lawsuits.)
Although given the history of this sort of thing, I guess it'd be more appropriate to call it the Maryland Shuffle.