Where are you from? Do you think it makes (or has made) a difference?
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I'm from Rio de Janeiro, Brazil. And i'm running a music startup called musicx.fm from down here. Do i think it has an impact, definatly. But i'm very much into the whole "if you're good enough mentality you don't need shit" , even though sometimes it might seems like being in SV would help. But you know how the saying goes. Nuclear winter or not, on we go.
And if you think it's hindering you, have you considered moving (or already moved)?
Anyway, I'm from NY. I believe it will only be a help to be here. I think NY has great, smart people and I just went to the NY Tech Meetup two nights ago and I never realized NY had such a large startup community. Hopefully I can slowly become a part of it too (feel free to contact me if you're from the NYC area, jfortes16 at gmail)