The first order problem is that VCs are desperate and dumb, in a low interest rate economy everyone is looking for high yields and that desperation will lead you to believe that a note taking app is worth a billion dollars.

The second order effect is that the valley is still way too concentrated, there are billion dollar ideas out there that can really make a dent in the universe, and inspiring entrepreneurs across the globe -- but with such a myopic view, Sand Hill Road will never be able to reach out farther than suburban Redwood City.