As usual the direction of causation is a bit difficult to tease out
Even if you do manage to tease out causation tech and other "sophisticated" industry startups are also just the tip of the entrepreneurship iceberg.
The bulk of the area under the curve of a city's wealth is the long tail of blue collar people who wouldn't voluntarily associate with the kind of people who go to Starbucks starting and making moves to grow businesses that HN snobs don't even notice.
If you read the article, you see that the effect was pronounced in lower income areas where a natural experiment was effectively run with Magic Johnson's intervention. Which kind of goes directly against what you are saying.
Not long after, this Ithaca company
opened up a shop in Brooklyn and won an award for best coffee in the city, half because they have great coffee, half because they had no competition. It is better now, but the standard for gas station coffee is vastly higher thanks to things like
https://concordiacoffee.com/products-tag/convenience-stores/
[1] An astonishing hotbed of conformity. Sitting out in front of the headquarters of Fox News I was told that my wife and I were the freakiest looking people they'd seen in NYC and we only had matching costumes of t-shirts, jeans, ALICE packs and boonie caps with plastic flowers.