This past Saturday at MinneBar I participated in a session with Ryan Broshar of Confluence Capital that was an informal discussion about raising venture capital in the upper Midwest – what is resonating with investors, valuation/deal sizes, fundraising tactics, etc.
The goal was to provide transparency to a process that entrepreneurs may feel is lacking is Minneapolis.
Going in, I was a bit nervous that while well intentioned, we were trying to provide a solution to situation that may not exist and we would just be adding noise to the market.
What I learned is that I could not have been more wrong.
The session had a super positive tone and the audience took over the conversation with questions which were very wide ranging about stuff like how to decide between bootstrapping or raising, what is the best way to find investors, how do I know if I should raise from friends/family vs. VCs, how are SaaS businesses valued, where to VCs get their money, and so on.
The volume and diversity of questions combined with the positive feedback from entrepreneurs after the event makes me feel that discussions like this are needed and cannot be limited to short time frames at infrequent events.
I’d encourage those who attended and had questions they didn’t get a chance to ask or those who missed the event to reach out to me any time at firstname.lastname@example.org or @pmeenan1 to keep the dialogue going. I’m sure Ryan feels the same way.
p.s. This MinneBar was my first one and it totally kicked ass. The work that organization does is a huge service to the community. Arthur Ventures is happy to be a (very small) sponsor.