If you move your team from Philadelphia to NYC or from Des Moines to the Bay Area, expect more turnover. Expect to turn loyalists into mercenaries. These talent starved locations create mercenaries. It’s the nature of the beast.

Fred Wilson in “Loyalists vs Mercenaries”, and adds to what I’ve been saying a long time: one should not always go to the valley to do a startup… Opportunity lies elsewhere as well