WHY is talent moving to startup ecosystems like Austin and Miami? To answer this, we have been writing about what makes a startup ecosystem successful with @mgharris34, @drapervc, and @startupgenome. This is what we learned:

In a time of COVID, the cities that won big have VERY high quality of life scores. For example, Austin has the 'lowest intent of moving out' by startup founders. https://www.ensemble.vc/research/howtobuildastartupecosystem

Successful startup cities have more than 1,000 startups operating at a given time. This is the tipping point to benefit from network effects and grows startup exit rates.

Seed investment is the most important stage in the VC cycle and most correlated to exits. You can not triple the number of Series A startups without tripling the number of seed-stage startups. https://www.ensemble.vc/research/the-importance-of-seed-investment

The BIGGEST reveal: Those angels and seed investors that are willing to be the first 'yes' that turn an idea into a company - those people - they're the most important people in top startup cities. If you have no angels, you have no exits.