By Joe Serrano
Last week I had a coffee with a Minnesota angel investor and we began talking about Instagram and its recent $1b exit to Facebook. I gathered that he had not heard of Instagram prior to the acquisition announcement, which really got me thinking:
If Instagram had been started in Minnesota, what would the experience of raising capital from our local investors have looked like?
First, let me set the stage. I have read commentary on the Minnesota investment ecosystem and heard from angels and venture capitalists, all of which collectively summarize that Minnesota entrepreneurs are: (a) naïve, (b) not prepared to ask for money, and ( C), not putting in the hard work.
After all, ‘Good ideas will always get funded’ – right?
Well, I’ll say it: Minnesota angel investors are not thinking big enough.