Any reflection on the Facebook IPO should probably extend to Silicon Valley itself. Increasingly, it seems, the center of America’s technology innovation has not been living up to the hype. It’s not just the failure of the most high-profile tech IPOs of this era—Facebook, Zynga and Groupon—or the end of Apple’s incredible stock-market run. There is also the disappointment of the venture capital model, which has with very few exceptions failed to deliver adequate returns for many years now, especially given the liquidity premium associated with such investments. The big tech company that is now surging is located in South Korea. And the Internet economy has yet to produce the GDP gains in the U.S. associated with prior technological revolutions. Even the long-trumpeted productivity gains have failed to materialize. The economic benefits of whatever goes on in Silicon Valley, to a certain extent, have remained there. The life lessons offered by the titans of Silicon Valley, like Sandberg and Thiel, are generally well-received and lauded, but often feel like they are coming from some reality-distorted tech dreamworld, where people are paid not to go to college and women get to build nurseries next to their offices.