I was filling out my winning March Madness Basketball brackets .. oops .. I mean while I was thinking about a hypothetical (and used to be harmless) NCAA basketball contest that doesn't exist to the best of my knowledge ... and I got to wondering, what is easier: an entrepereneur getting venture capital in OC/So Cal (or really anywhere not Sand Hill Road) or a "no-name" team winning the NCAA college basketball championship?
The answer? It depends.
Probability Scenario #1 - The "Duke, North Carolina, UCLA's of the world" - if they were entrepreneurs, they would have good chance to get funded. Have "been there, done that", get great talent, have a powerful network, are serial winners ... they are kind of like the prom queen/king(s); usually they get a date. Venture capital and angels sort of find them rather than vice versa.
Probability Scenario #2 - The "Portland State, Siena, Texas Arlington's of the world" - if they were entrepreneurs, well, the movie Rudy comes to mind ... HUGE underdogs. Probably a combination of "first time tryouts", talent, network and/or even if they had a good idea, it would need some/a lot of "work" and also lack of localized seed capital would hurt it even more. This does not say that entrepreneurs should quit or it can't become a "nice little business", but it is a tough road sometimes; just know what you are getting into.
Probability Scenario #3 - The "Wisconsin, USC, Clemson's, #5 seeds of the world" - this is the interesting group of entrepreneurs. Passionate and talented people that have "something" but are still "not quite there" .. THIS is the critical piece that we need to focus on. If these entrepreneurs can continue to work hard, got some momentum, build a talent pipeline (patents/people/network), they can develop in the top tier. I will contend this group is the key for regions to focus on and develop. How do we increase/help this group? "Minds and Money" is the answer.
We need to help grow more innovative businesses and provide a platform; a mix of online and offline resources to nurture and advance this group. A serial entrepreneur network, a relevant and ACTIVE angel investor, a university advisor, a "mentor mindset VC", a "kind" lawyer etc... this is what will move the needle and get more entrepreneurs and in the words of Dick Vitale "to the dance, babeeeeeeey!!!!!!
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