There's no easy solution to this problem, but understanding it can temper the expectations of wildly optimistic new entrepreneurs with misplaced notions that venture capital is ripe for the picking. If you want venture capital these days, you need to prove your worth first--and often, that means sinking or swimming by your own hand and your own finances.
Most of the thousands of investors and entrepreneurs descending on New Delhi this week for the Sankalp Global Summit are looking to beat out their competitors. Dave Richards and Will Poole, managing directors of Unitus Seed Fund, are looking to create more competition for themselves, by seeding additional funds like their own.
As a venture development organization (VDO) based in northeast Ohio, we at JumpStart often get asked why entrepreneurs in fly-over regions like ours face more challenges than they do on the coasts. In fact, we get this question so often that we sat down and made this short video, telling the story using a very simple analogy: riding a bicycle.
Heidi Roizen has been on both sides of the entrepreneur funding divide, so her advice for aspiring entrepreneurs is particularly potent. Last month I interviewed her, and that interview led to many more questions about what it takes to succeed, especially the need to build meaningful relationships. I asked her to share her top five lessons for being a successful entrepreneur.