Last week, I was asked if I knew of entrepreneurs in town that had already raised some money and were having difficultly raising a second round of financing. The idea was to try and focus on this subset of entrepreneurs since they had already been vetted by investors and should have something to show. My response: I don’t have anyone to recommend at this time. After thinking about it more, this is a good way to assess the progress funded entrepreneurs are making locally, specifically ones that are trying to raise more money. One idea was to work on introducing these entrepreneurs to local businesses that might have a need for their product or service with the hope of generating cash from customers, which is often the best form of funding.
Entrepreneurs need help in a number of areas. Here are a few ideas:
- More entrepreneur bootcamp programs
- Additional education around the four stages of a startup
- Pitch and public speaking practice
- Training on the importance of customer acquisition
- Managing the rhythm, data, and priorities in a business
Entrepreneurs always need help with something. More communication and collaboration in the community around these areas will make for a stronger and more vibrant ecosystem.
What else? What are some other areas entrepreneurs need help?