I’m currently located in a city with only a few active VCs. They don’t do very many deals per year and they don’t have much experience in my industry. Because of this response, I’ve had to look elsewhere, but I did not receive many responses when I reached out to firms in NY/SF. Do I need to move to a startup hub to show them that I’m serious and my product is legitimate?
We made this decision recently and moved to San Jose from Pasadena. The change is incredible. You should test the water first by spending an extended time in one or the other to get a feel for the geography and interest in your space. There are "pitch" events with angels nearly every night in this area. You can test your story and local interest. You can occasionally meet real VCs. Most professional investors want to be able to drive to your office.
It is tough task to convince the people for the idea you have. Before you make move to any start up hub I would suggest you to make a proper documentation of your idea having optimum information which can be explained easily but make sure you don't share everything
It is tough task to convince the people for the idea you have. Before you make move to any start up hub would suggest you to make a proper documentation of your idea having optimum information which can be explained easily but make sure you don't share everything xplained easily but make sure you don't share everything
No , you have to present your business validation , and to create a huge network .
Like the Lawyers always say.... It depends.
Venture Capital usually means Series A and above. If you are executing and have already taken your Pre-seed and seed rounds of funding, and you are actively looking at a Series A, then it is likey that you will be able to raise funds Nationally without moving. However, the question will be around where is the right place to grow the company. So if you are in a place where you do not have the talent available to take your company from 10 to 100 to 500+ employees, then you you should consider moving to where the talent would be available. Or to where you could attract the talent to.
If you are looking at pre-seed or seed rounds, you likely have some significant relationship work to do. Often that is easier to do in places that already know you. There are Hundreds, perhaps thousands of Angel groups around the country. So look at gust.com and angel.co and see who in your area cares about what you do and then talk to them and build your network.
In general, you do not have a better chance of funding in another place. You might get lucky, but there are plenty of startups that have died on the journey to bay area funding.
What Dane said - I am located in San Jose (lucky to be a local) and I believe location is everything. I think this is why so many startups physically locate/relocate themselves here to the bay area and use hacker spaces and connect into evening events. But I speak from only recent experience as a person inquiring into the start-up space as a person who scales sales and establishes such process (which seems to be a valuable albeit foreign commodity to tech-founders).