Hello and welcome back to Equity, TechCrunch’s venture capital-focused podcast, where we unpack the numbers behind the headlines.

I was in the studio alone this week with the wonderful Clara Sieg of Revolution, an early-stage venture capital fund that invests in disruptive startups from underrepresented geographies. As you might have guessed, we talked about the rising trend of investors backing companies from "second-tier" markets like Austin, Atlanta, Denver, Philadelphia, Seattle, etc.

Clara herself hails from Pittsburgh, an up and coming market for technology startups and venture capital investments. We discuss how that has influenced her career in VC and how she landed at Revolution (she's been there for nearly a decade!) in the first place.

In this special episode, Clara also teaches me how cities become tech hubs. It's a special kind of recipe. A city must have a great university, or a few, nearby to provide a constant flow of talent. They need some big corporations around for the same reason. They need a healthy community of angel investors ready and willing to get things going. And... well, listen to the episode to learn the rest.

Finally, I ask Clara what investment she regrets not making the most. Her answer might surprise you.