You've got only 1 life, and even among a pool of the most bright, hardworking people (take a sample that works as many hours as you like), there's only so many Bill Gateses. I'm thinking just one.
Even after all his success, I wouldn't be surprised if a guy like that now regrets some of how he spent his youth. I'm sure he could have done it just as well and been a little less crazy, had some more time outside the office. I'd be surprised if a rational person wouldn't admit that.
Passion and determination are fine, but your idea (or my reading of it, anyway) that places outside the Bay Area are less worthy because they've got fewer kids willing to waste their life away ... it seems pretty low.
I just find it amazing that Steve Jobs, who could have retired multiple times over, was still spending 10-12 hour days at the office, on a consistent basis. This was at the expense of spending time with his family.
I understand passion but balance is important in life.
Bill Gates and Elon Musk and their inner circle worked very long hours consistently to build something great.
How do you compete with those who work smart and work hard doing something they are very committed to and passionate about?
This is the issue I have with investing in most startups outside the Valley.
On average, are they not going to lose to those singularly focused on being the best?
http://webcache.googleusercontent.com/search?q=cache:UNFjRkq...