I think what's really going on here is that the venture capital community and startup community are mainly about using expensive clothes, expensive vacations, fine manners, etc. to give the illusion that a company that's doomed has a chance.

The idea is, "That CEO of Hip Enterprises LLC is so smart and beautiful and went to such a fine prep school and university. And the investment bankers surrounding the CEO all went to Harvard and made a beautiful PDF. So, of course the company will succeed!"

But, really, Hip Enterprises has roughly the same odds of success as if it were created by an ugly high school dropout with no business plan. Maybe the rough-and-ready company made by a high school dropout with some kind of serious life experience would actually have a higher chance of success than the company created by the hip faker.

Jersey City is fine for smart, industrious people who will do fine because they'll be down-to-earth and work hard. It's not ideal for trust fund babies with a little trust fund who want to get rich quick by pretending that they're certain to succeed with their fabulous startups because they have such great shoes.