Company formation is migrating to second cities — and staying there
The distributed-work experiment has produced durable ecosystems outside the traditional hubs.
The early distributed-work era produced dispersion without ecosystems: founders left the hubs and found no local capital, no senior operators, and no second job to move to.
That is changing where three conditions coincide — a research university, one anchor exit that recycled talent, and a local fund willing to lead rather than follow.
Cities that have assembled all three are compounding. Those that assembled only the first are still exporting their graduates.