Story excerpt provided by VentureBeat.
Written by Ahmed Siddiqui.
“Hey, I’ve got this great idea for a startup! You live in Silicon Valley, can you help me get venture capital funding?”
This is a common request that I get from people that live outside of Silicon Valley. Unfortunately, raising money is hard regardless of if you want to start a company in the Midwest or Silicon Valley. Can I get funding based off of an idea? Nope… Can I get funding based off of a business plan? Nope… Can I get funding if I have an app built? Depends… Can I get funding for an app that has over a million downloads? Now you are talking… Can I get funding if I have an app with a million downloads, a rockstar team, and I sold my previous company to Microsoft? Yes!
The perception of funding and VC is so skewed because of the tech media and shows like Silicon Valley, especially for folks living outside of Silicon Valley. The reality is, you can’t just move to Silicon Valley, turn over a rock and find money.
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Originally published September 9, 2017.