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The founders of Dropbox benefited from moving their company from Boston to San Francisco as it allowed them to be in a self-sustaining hub for talent. The San Francisco Bay area is known for its concentration of tech companies and venture capitalists, which could have provided Dropbox with better opportunities for networking, hiring, and funding. Additionally, many venture capitalists prefer to invest in local places where they can attend board meetings, which could have increased Dropbox's chances of securing investment. However, it's important to note that the necessity of being in a specific location has lessened with the rise of remote work.
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Fact: While it's true that over half of the companies in this study are in the San Francisco Bay area, many of them moved there later. Dropbox's founders moved from Boston to San Francisco after Y Combinator. The area created a self-sustaining hub for talent, and many venture capitalists limited their investments to local places where they could attend board meetings. The pandemic changed this significantly, with remote work adopted by many companies. The other half of unicorns hailed from New York, Massachusetts, and other locations. Chewy started in Florida. Epic Games is in North Carolina. Carvana was founded and remains in Tempe, Arizona.
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