The document discusses global investing opportunities in technology startups. It notes that while Silicon Valley remains the most efficient startup ecosystem, there are opportunities outside of the US as well. Specifically, it argues that parts of Europe could compete if they foster a culture that celebrates success, accepts failure, and promotes risk taking, and if European startups focus on building globally scalable businesses rather than local markets. It also suggests that regions outside the US may have a big opportunity to develop new applications and services that leverage faster broadband and cellular infrastructure not yet widely available in the US.