In this episode, we sit down with Dominic Endicott, author of "Knowledge Towns" and has been thinking about how secondary cities can win in a world where Silicon Valley takes everything.

One stand out point: real estate has $380 trillion in value but only $3 trillion in market cap. Meanwhile, tech went from $3T to $30T in the same period. Are we “stuck at the kids table while tech eats at the adults table” as Dominic phrased it? If so, why?

Dominic breaks down how places like Burlington, Vermont are beating major metros at their own game. They invested $200M at seed level, attracted $800M in follow-on capital, and just had their first $7B IPO - from a company that started in Boston but couldn't get funded there.

We wanted to understand how this actually works and whether it can be replicated. Turns out, it can. But American cities have to get over being "embarrassed" to want growth.

On this episode we dig into:

• The "Kids Table" Problem: Why real estate can't capture value the way tech does and what the iPhone/AT&T story teaches us about platform risk
• Burlington's $7B Playbook: How Vermont's Hula Collective created a venture ecosystem from scratch
• The $10 Trillion Housing Bet: Why the real opportunity isn't AI data centers - it's building 10 million homes in secondary cities
• Universities Are Broke: Dominic argues most universities are "well over their skis" with $1T in deferred maintenance and “Taj Mahal” research buildings that AI just made obsolete
• Pittsburgh's Plan: The controversial plan to attract 500K people and $100B to a city that's "embarrassed" to want it
• Ban Cars, Get Babies??: The Pontevedra, Spain story that proves walkability is what people really want

This conversation challenged a lot of our assumptions about where capital should flow and what cities should optimize for. If you're interested in how venture capital, placemaking, and talent attraction can actually rebuild American cities, pick up the book “Knowledge Towns.”

Huge thanks to Dominic for coming on and sharing his vision for future cities.