Investors and entrepreneurs gathered at Urban Hub in Green Bay Nov. 17 with the hope of fostering relationships and better understanding of the business startup process.
Its a process that has become more visible and more sustainable in Northeast Wisconsin, according to Matthew Kee of Tundra Angels.
Kee said that awareness among both venture capital investors and entrepreneurs seeking funds has grown substantially since 2016 when he came to the area.
“We’ve moved past a threshold. We’re keeping really good talent here,” Kee said.
Andrew Schmitz of Gener8tor agreed and said there are great opportunities locally and investors should be open to learning more about them.
That being said, they both emphasized the process of finding an investor and selling an idea is highly competitive in part because venture capital is risky for investors.
“You need to shout from the rooftops,” Kee said. “If your the CEO you can tell your story like no one else can.”
Timing is crucial. A business has to be ready for an initial investment, but some businesses grow rapidly past the need for the type of investments offered to startup companies.
Schmitz said businesses should be looking for synergy when they invest or seek investment.
“You should be looking for smart money” Schmitz said. For a startup, that means looking for an investor who can offer advice or assistance specific to the business or that fills a specific need for the business.
In addition to the Urban Hub, the event hosts included the Entrepreneur Society from Northeast Wisconsin and Women In Technology.
Amy Woods, founders of Favoryt Brands and Kelly Schwartz, founder of Fridge Jerky shared stories about their journey as founders of small businesses.
Woods said Favoryt, which makes and sells skin, hair and beard products, has opened a store in Seymour and is ready to grow. Its already made a pitch to a grocery store for product placement.
Schwartz said Fridge Jerky needs not only investment, but also advice on navigating the regulations and licensing that comes with making and selling food.
The event ended with conversation with Blair Tritt of Schreiber Ventures and Shane Achterberg of Schneider National. They shared how their large firms have used investment in entrepreneurial opportunities to innovate and grow.
