I had the pleasure of speaking at a forum for consumer product entrepreneurs 2 weeks ago in Radnor PA. It was hosted by Connolly Bove Lodge & Hutz LLP, who did a great job connecting a rooms full of entrepreneurs with venture capitalists – tough to do in this climate. It was great to see a law firm take such a leadership role in facilitating these kinds of connections.
A few key learnings?:
- There is a lot less money chasing fewer consumer product start ups. The West Coast VC bubble has not hit Philly yet
- The VC’s have a high regard for sector knowledge/Rolodex, and basic ‘blocking and tackling’
- Entrepreneurs are still not taking advantage of the Open Innovation offices in most major companies (these are your internal evangelists)
Here is a edited summary: