Chicago, Raleigh Durham, Nashville discussed on Masters in Business
And it's a great business perfect for launching a city like Chicago. And and we're really excited about that opportunity. Because we think that, you know, there hasn't been a lot of disruption in the convenience store market in over a generation. And and being able to have really cool products ordering ordered at the top of a phone, but also be be your corner store that you walk past and get a bagel and a coffee on your way to work in the morning is actually pretty cool that that's interesting. So I wanted to I was going to ask you how you source companies, but I'm gonna change that question a little bit. When you announce? Hey, here's our new tour, and we're going to these five cities does that open a floodgate of inquiries or you still flip over rocks? Defines where the next grade entrepreneurs. Wh when we go to a city, and we announced that we're gonna come to the city. We get. Scores of applications to participate even in our pitch competition able to put those companies in our database and start to track them. We really have. I think have taken a more data driven approach to looking at at lots of different companies across the country because it's the only way that we're going to be able to do it with a relatively small team at scale, and we also rely heavily on our network partners. So when we go to these cities, we meet the local VC's on the regional VC's, and we asked them, hey, you know, are there what what are the two or three companies that you guys are most excited about in Raleigh Durham, and they're happy to tell us that two or three companies that they're most excited, and you do that to two or three local funds. And you've got a, you know, a dozen companies at the end of the day that that are, you know, ones that tend to bubble above the some of the rest, but but it's also a temporal thing. Right. You come back six months later, and it's a new batch of companies. So we we we love to maintain these really authentic relationships with with the partners and investors in the community. And then that helps introduce us to the the entrepreneurs that are really making a difference. What what about competition you mentioned other VC's in areas? Are you at all concerned that you're gonna start running into competition in some of these places, or is it still a sort of cooperative friendly group of other players in the same space who might be co-investors in the same companies? Yeah. I see them more as collaborators and competition. We we need people. We're we're not going to write a full investment round. If a company's own a five million dollar series seed round, we're not going to do that entire round. So if we do some of it, we're gonna need other people tell participate in it's always helpful to have, you know, localize in ears on the ground who know the company or no the founder, no the have domain expertise in in the business. And so being able to bring all of those folks into the round is is one of the reasons why we're doing this. We're able to be massive connectors of of you know, if you might be a healthcare expert. Fund based in Nashville, and if we find a healthcare deal in Saint Louis, we'd love to bring you guys into that deal. Because it just only helps make that deal hopes de risk the deal to are limited partners are are fun..