Two quick questions: Of the investments Initialized has made, what percentage of them are non-YC alums? Of those, how did they connect with Initialized? Cold email, warm intro, etc?
Cold inbound emails haven't worked well for me, but that's where software down the road should help.
SF/SV is still the most concentrated place for startups, so when you want to grow fast it's still probably the most concentrated place for talent and capital. You can certainly start a company anywhere (and people are, and that's great!), but when you want to grow fast many people still move here, now increasingly at the Series A.