The Backyard Effect: Finding The Secret Sauce For Growing An Entrepreneurial Ecosystem

Story excerpt provided by TechCrunch.

Written by Tom Walker, Rev1 Ventures.

Experts could debate all day long the ingredients for a killer entrepreneurial climate and the virtues of one city over another. But if I’ve learned one thing over the years, it’s that every region in this country is different. While each might aspire to be the next Austin or Menlo Park, you can’t start with what you don’t have.

Instead, you must start with what you do have: the assets and strengths in your own backyard…

…The share of U.S. cities receiving venture capital rose from 2009 to 2014. As Harvard Business Review reports, venture capital first fundings are spreading throughout the country. The Midwest is certainly beginning to enjoy this increased continuum of capital. Some of the most active seed funds in the U.S. are in the Midwest — Innovation Works, DreamIT Ventures, CincyTech, and Rev1 Ventures. Drive Capital, a fund created to invest in Midwest startups, was the second largest inaugural fund launched anywhere in the country in 2014.

When looking across the Midwest and rising success in the various states, one common denominator is world class research universities and medical institutions as incredible sources of spinout companies…

Click here to read the complete article.

Originally published June 2, 2015.

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