Based on this article, I have one piece of advice to anyone entreprenurially minded in North Carolina: Leave.
If you have a tech startup idea, build a skeleton of it and come to San Francisco. Raise an angel round. Get connected to people who can actually make things happen. Don't take money from people who are undervaluing your company and can't contribute to improving your prospects.
If you can't stand SF, try Boston, Seattle, Atlanta, Austin, etc. Valuations will still be much better and people will be connected to your industry. I don't want to take anything away from Mr. Vernon, who clearly understands the core elements here, but this feels like 1995 era advice and doesn't really reflect what people can and are doing today.
My other advice, if you simply cannot leave: wait. Valley money and valuations will spread, and VCs and other investors will start chasing deals and being willing to pay more instead of the cited "VC takes 66% of your firm for $1M". (Seriously? WTF. Let me know who that VC is so that I can NEVER LET THEM HANDLE MY MONEY. Way to convince the entrepreneur to NOT hang in there.)
Thanks for the advice. I believe your post is the tipping point for my decision to leave NC.
I've lived in NC my entire life but a number of factors have basically been saying, "You need to get the hell outta there, dude!" Entrepreneurship is the main one. And maybe it's just me but I haven't come across many people here throughout my entire life who have a similar mindset to my own.
People out west seem very chill. California would probably be my first choice but I'll definitely look into the others as well.
If you make it to Palo Alto, I'll buy you a cup of coffee, swap war stories, and see who I can introduce you to. Good luck to you no matter where your road takes you!
Comments
Based on this article, I have one piece of advice to anyone entreprenurially minded in North Carolina: Leave.
If you have a tech startup idea, build a skeleton of it and come to San Francisco. Raise an angel round. Get connected to people who can actually make things happen. Don't take money from people who are undervaluing your company and can't contribute to improving your prospects.
If you can't stand SF, try Boston, Seattle, Atlanta, Austin, etc. Valuations will still be much better and people will be connected to your industry. I don't want to take anything away from Mr. Vernon, who clearly understands the core elements here, but this feels like 1995 era advice and doesn't really reflect what people can and are doing today.
My other advice, if you simply cannot leave: wait. Valley money and valuations will spread, and VCs and other investors will start chasing deals and being willing to pay more instead of the cited "VC takes 66% of your firm for $1M". (Seriously? WTF. Let me know who that VC is so that I can NEVER LET THEM HANDLE MY MONEY. Way to convince the entrepreneur to NOT hang in there.)
Thanks for the advice. I believe your post is the tipping point for my decision to leave NC.
I've lived in NC my entire life but a number of factors have basically been saying, "You need to get the hell outta there, dude!" Entrepreneurship is the main one. And maybe it's just me but I haven't come across many people here throughout my entire life who have a similar mindset to my own.
People out west seem very chill. California would probably be my first choice but I'll definitely look into the others as well.
If you make it to Palo Alto, I'll buy you a cup of coffee, swap war stories, and see who I can introduce you to. Good luck to you no matter where your road takes you!