Looking for Funding? Look Local.

Entrepreneur Staff
8 min read

Startups already have noticed a powerful trend: Regional entrepreneurial ecosystems are strengthening, creating more funding options for new businesses in the form of grants, venture dollars and even micro-lending. In this Google hangout, our experts explored the benefits of looking local for funding. Two of the advantages include:

Leveraging relationships. In banking and other sources, local funding can trade on relationships businesses forge in their community. “There’s absolutely power in that,” says Seth Levine, managing director at venture capital firm Foundry Group. Adds Marc Nager, CEO of entrepreneurship nonprofit UpGlobal, “you naturally have people rallying behind you, rooting for you.”

Related: Every Business Must Raise Funding and Other Startup Myths

Leveraging a community’s strengths. Some ecosystems are focusing their funding into industries that help their communities stand apart. Businesses that take the time to understand how funding decisions are being made and how their business fits into the overall landscape can build from a position of strength.

Related: When It's Time to Raise Capital

For more tips, watch this short video.

This article is editorial content and reflects the personal views and opinions of the participants.

More from Entrepreneur

Kathleen, Founder and CEO of Grayce & Co, a media and marketing consultancy, can help you develop a brand strategy, build marketing campaigns and learn how to balance work and life.
Jumpstart Your Business. Entrepreneur Insider is your all-access pass to the skills, experts, and network you need to get your business off the ground—or take it to the next level.
Create your business plan in half the time with twice the impact using Entrepreneur's BIZ PLANNING PLUS powered by LivePlan. Try risk free for 60 days.

Latest on Entrepreneur