The $316m could accomplish much, but I doubt directly creating a startup hub. The drivers which turn cities into creative class meccas wouldn't be included, and it likely would face the same difficulties as the Middle East's education plans: http://www.nytimes.com/2008/02/11/education/11global.html

It would a powerful change if groups like Gates' (http://online.wsj.com/public/article_print/SB120113473219511...) began investing in the efforts which have the best chance of the results they're seeking: startups. I'm guessing the startup model is antithetical to what BillsG sees as the answer, which is unfortunate.