One thing founders don't hear much about are the disadvantages of nurturing a startup in one of the tech hubs like the Bay Area. The most obvious problem is that the expenses for everything are really high. The founder's personal living expenses, rent, salaries, professional fees and everything else require far more money before even finishing a pitch deck.
The second problem, specific to software startups, is that every great developer (coders, designers, UI/UX people, etc) and most barely-adequate developers are already working for high salaries and can't afford to work for your underfunded startup. Every Bay Area startup is competing with the big, established players for talent. And those prospective employees can't take a risk on a startup because they also need to cover the same sky-high living expenses.
Third, the Bay Area investors are overwhelmed with potential deals. The competition to get an appointment is fierce so unless you already know someone, and have your MVP complete, and have traction, you probably won't make an impression. There are simply too many ideas chasing money in a very concentrated area so most entrepreneurs don't stand a chance.
My own experience is based on several software-type startups. After 10 years in the Salt Lake City market we moved to the Bay Area for 5 years. My partners and I are now launching our newest business in Chandler Arizona. The resources we need are readily available in Chandler and the same amount of investment money will stretch a great deal further.
Every business is unique, and our need for programmers is very different from a company that needs manufacturing facilities. But most entrepreneurs that need 6 or 7-digit initial funding rounds have a lot of flexibility in where to locate their business. I would advise ranking lifestyle and people/staffing above that techie-sounding address. Don't forget that this new startup is going to consume your life for a while, so you want to be in an environment you genuinely enjoy.