Yeah, but the question here isn't "Bay Area" v "Everywhere Else", it's "Bay Area" v "Toronto". Toronto has lower salaries, colder weather, and generally fewer investors that are more risk-averse (which puts companies there at more risk existentially, especially in early stages). It's a beautiful city, I love Toronto, I was born and grew up there. But there's a lot of work to be done to make it competitive with the Bay Area.

The saving grace is this: I imagine the counterintuitive first step of continuing to bolster Toronto's tech scene is actually efflux of talent towards the Bay Area. The few who do "strike oil" in SV are more likely to direct some of that capital back home, make bigger bets, and mentor entrepreneurs there.