About 4 weeks ago Haatch’s nest in the Silicon Valley started to get to work on our operations in the USA under the supervision of investment scout Chris Allen.
Chris is a former Emerging Technologies Manager at retail giant Morrisons and will work across Silicon Valley to seek out the most driven investment-seeking companies. In this week’s blog we caught up with Chris to see how the first four weeks had panned out and to find out why Silicon Valley is so rife for innovative digital start-ups.
Why is Silicon Valley a hot bed for digital start-ups?
I read a stat quite a few years ago that said the Americans worked more hours than anyone else on the globe. I’m not sure if it’s true, but from the morning commute which seems to start at 5am, to the evening Meet-ups that tend to go until 10pm, the lifestyle is very work orientated – which is perfect for young businesses.
The weather helps support the scene and stimulates a healthy lifestyle orientated around business. For instance there are Founder Hikes along Lexington Dam and on Friday’s there are business events at Mountain View’s Sport’s Page where you can play volleyball outside. This enables people to conduct productive meetings in a nice, relaxed environment which is conducive to making a start-up a success.
How have we been able to get up and running so quickly?
I am a member of 28 meet-up groups for entrepreneurs, start-ups, investing etc. This has enabled me to very quickly embed myself in the scene, find out about innovative ideas and find out who might be seeking investment.
There seems to be a meet-up every day of the week and this really helps the business community to connect and creates a veritable gold mine of potential innovators! It is worth pointing out that Meetup.com is for anyone and anything. It’s so fast paced out here and people are constantly innovating.
How does this business community impact on the start-up culture?
The market out here seems very mature. There seems to be two main numbers for seed level start-ups out here, $500k and $1 million. Everyone expects that they will get funded. I have meet with some start-ups that only have months of burn left in their budgets but they still seem confident.
There is just so much to be said for the ecosystem and positive nature of that comment. People are to willing try and try and all the while remain sure it will work out until it doesn’t.
Does the region’s reputation for innovation and entrepreneurship make it a competitive market for investors?
It really is a seller’s market. Whilst the investor ultimately still holds all the cards you can see them competing with each other. Surprisingly this manifests in a positive attitude where friendly banter with each other is prevalent. This positivity between investors is probably key to the attitude start-ups have across the region, whereby they really believe they are going to succeed.
All start-ups need that positivity if they are to succeed and that probably sums up the area and why it is the perfect environment for any entrepreneur or business to Haatch!