Eh, you don't need massive VC to get quality resilient tech companies. You need massive VC for massive bubbles. Sydney has some good startups going now, I would say on a per capita basis Australia does well. It's not Australia's fault that companies become successful and then move to larger markets to be closer to customers and such.

Things have been rapidly changing too with the young generation. Smart people are skipping the investment banks for startups because they see the opportunity.