The Mid-Atlantic region is heating up with a fresh batch of start-up companies who are expanding their reach from Pennsylvania down to Richmond. With the advent of Web 2.0 and multi-faceted communications, companies and individuals are more connected than ever. There are pockets of organizations and communities who are driving this new energy and vying to once and for all put this region on the map as a go to location for entrepreneurship.
It’s been a topic for many years, the quest to be recognized as a destination for start-ups. One of the reasons holding it back, at least the Washington D.C. Metro area, has been the relatively small number of successful exits. Meaning there is not a lot of examples of meager start-ups becoming worldwide phenoms. America Online is the best example and for their parts Steve Case and Ted Leonsis have stuck by D.C. and continue to support the region.
But there are indications that the new found energy is beginning to attract attention. One indication is capital flowing into deals from both established and fresh sources. Long time venture capital fund New Enterprise Associates has recently established a new fund called the NEA Seed Fund. This is incredibly important as the size of investments will be between $50 – $500K. This is exactly the kind of investment needed to get the community to percolate with start-up enthusiasm. Normally a well endowed established Fund like NEA would not bother to dip their toes into the pool of brand new ideas, this can only mean as they have success other funds will follow.
Another sign is that numerous Angel events are popping up in the area. One, the Angel Venture Forum, is coming up in October with a related full day training program on July 12. The Angel Venture Forum is heavily supported by local brands of capital and support services. The Forum is inviting all entrepreneurs to send in an application to be considered for a round of Angel investment. The July 12th event will be a full day of specialized education courses taught by investors, entrepreneurs and investing experts.
These are a few of the examples where this region is finding its wings and learning to fly.