Startup founders know they need a great team and a big market in order to tap VC funding. But when Suzanne King, partner at venture capital powerhouse NEA (portfolio includes Uber, Houzz and BuzzFeed) spoke at Venture Asheville’s breakfast forum two weeks ago, she emphasized that startups must also possess an “unfair” competitive advantage to attract VC’s. Something so difficult for others to replicate that it acts like a virtual moat.
Damien Hoffman, CEO of The Cheat Sheet, emphasized that relationships with investors should begin about two years before entrepreneurs start raising capital. That’s because it takes time to build a solid track record of progress and CEO personal credibility matters hugely to investors.
The State of North Carolina is also putting more on the line to help fund high-growth ventures. NC State Treasurer Janet Cowell kicked off the event highlighting the state’s new $250 million innovation fund.
So start making investor contacts, be steady in your communication, and build your moat. Funding opportunities for Asheville startups are on the rise.
Learn more about the Innovation Fund NC.
