ReadWriteWeb

In the last few weeks here on ReadWriteStart, we've been chronicling various cities outside of Silicon Valley with thriving startup communities in our semi-weekly series Never Mind the Valley. We've told you how Boston is raking in venture funding, how Los Angeles is growing despite its northern neighbor, and even how Israel is an emerging tech hub overseas.

Despite these and other entrepreneurial cities popping up around the globe, Silicon Valley has held true as the mecca for startups. According to angel investor and Venture Hacks co-author Naval Ravikant, this is why being in the Valley is a must.

Since moving to New York from London in 1990, I have become a firm convert to the idea that New York is the center of the universe. London, Paris, Berlin, Mumbai are all pretty great, but if you like cities, New York is it. So it has always been a source of frustration for me - and other New Yorkers - that our great city is such a slouch when it comes to high tech startups compared to boring suburbs like San Jose and Palo Alto, and even provincial towns such as Boston and Austin. Well, I finally figured out the problem. It's called Wall Street.