I think Vancouver is a great place to build an Intrenet company - tons of engineering talent and many local success stories like Flickr, Club Penguin or AbeBooks.
"If you are an individual with an outstanding entrepreneurial spirit and mind, who is looking to create the next best thing in consumer internet, would like to assist in the evaluation of potential investments and provide functional expertise to existing portfiolio companies, we would love to hear from you. You need to have a successful track record as entrepreneur or CEO / CTO in a start-up environment, ideally in the Consumer Internet area."