I respectfully disagree, I think there is a massive trickle down economics affect going on even if it’s just local. The auxiliary companies selling into startups is HUGE from recruiting agencies, design firms, the gig economy, local tax revenues, commercial real estate, law and accounting services, one medical offices, and much much more. When VC funding slows down a lot of these places will shutter (because few people in management ever prepare for a downturn).