Well I can say this: Europeans are doing pretty good, without
their own Silicon Valleys, because the produce (contrary to USA):
1. Cars - Germany, Sweden, France, Italy;
2. Food you can actually eat (german/belgian chocolate - compare to Hershey's);
3. Sun panels/sun energy: (Germany)
4. Toys (Lego almost completely produced in Europe);
...and so on.
Hi-tech research is often run by governments. Generally
better (egalitarian/well payed) job environments
decrease incentive to be entrepreneurial.