Story excerpt provided by The Plain Dealer.
Written by Michael C. DeAloia.
While Cleveland’s technology sector is surging with numerous high-growth companies and promising startups, there simply is not enough local and regional capital to fuel the continued boost.
Startup capital in this region is precarious, Series A capital (a company’s first significant round of venture capital) is as mythological as a unicorn, and bank loans are nearly non-existent.
It is up to the angel or individual investor to compensate for this lack of institutional capital. The various economic development groups – such as Jumpstart, BioEnterprise and others – have put out the clarion call for regional individual investors to become more active.
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Originally published January 17, 2016.