Venture capital: Silicon Valley and everyone else.
Silicon Valley receives more than twice as much venture capital as a share of its economy as does Seattle, the next-highest metro. This is clearly because the area remains the technological innovation capital of the globe, with a strong presence in a host of high-tech sectors, including biotech, Internet, telecom, computers, and devices. In contrast, other top-ranking metros, including Seattle, Austin, Raleigh-Durham, San Diego, and Washington, D.C., are much more specialized on one or two high-tech industries. The presence of strong university engineering and science programs, in places like Silicon Valley, Austin, and Raleigh, is also associated with venture capital investments.