Yes. If you want to start a startup, it requires excess liquidity among a group of individuals willing to take risk.
In Montreal, there are very few high-net worth individuals, and almost nobody invests 100K chunks in small businesses.
In America, particularly the Silicon Valley, there are tons of wealthy, and semi-wealthy people who back projects.
A 'simple idea' can get you $2M in Angel funding ($100K cheques by high net-worth individuals) in the Valley, while it would get you laughed out of the room in Montreal.
And that's just the start. The same for later stages. There are few later-stage funds in all of Canada, and almost zero big acquirers to 'end the funnel'. Both exist amply in the US, specifically the Valley, creating and end-to-end system for entrepreneurialism.
The same problem exists in Europe to a lesser degree, which is why there are so few big startups that come out of there.
Honestly i dont see the point of big funding anyway. As entrepreneur myself i rather do it myself, ask friends or even take a credit but keep my company and go for small growth. Its a american thing i think to think that a company has to start big, and sure for social media things this is a very relevant factor but for everything else meh.
Except that 'the wallet' is in the US, not somewhere else.
I say this even as a Canadian. The money is not here.