Looking for Funding? Look Local.
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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.”
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
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This article is editorial content and reflects the personal views and opinions of the participants.