New York, Boston, Nashville discussed on Masters in Business
It's so funny. I was on a call just the other day with a company that relocated from Boston to Wisconsin. And they were able to extend their burn by over six months, just by redeem asylum, the company, right? So I think that I think that they're a couple of things I think that obviously the cost of living differences is a really different. And and and and you can grow a company a lot farther on on the same amount of funding. But I think you're also seeing the flow of talent. I think you're seeing people graduate from the university of Michigan or graduated from Georgia state or Georgia Tech and say, you know, what I don't I don't necessarily feel like I wanna go to these these these coastal Hobbs. I wanna I wanna stay here. I wanna become an. Entrepreneur and it's easier because my network is here. It's it's it's it's a more livable more, affordable, definitely more affordable environment. But the jobs are now starting to happen. It's it's part of the flywheel the the receiving this flow of talent boomerang back home. Because that's where they wanna be. And I think that, you know, the combination of those two factors with the flattening of the, you know, it's never been cheaper to start a business because of, you know, things like a laptop and an internet connection and Amazon cloud, and you pretty much ready to get ready to go. And that wasn't always the case, you know, a decade twenty years ago, just to say, the least there is a giant demand for stem jobs, even in the highest paying Silicon Valley and and a biotech in in Boston and a little bit everything in New York. Do you run into an issue of shortage of skilled labor in in those towns that may not be known for their their tech works? Offers. So I would you know, that's a that's a common issue. We hear a lot. And I think that the real the real focus is for a lot of the early stage jobs. A lot of the junior folks the entry level jobs. They're coming right out of the university. So I it's it's no different from leaving Morgan St. Morehouse than coming up to New York to work at Morgan Stanley, these folks graduated from you know, Vanderbilt and then go work directly into one of the the Nashville startup Nashville startups. I think what about coders and pro statistical analysts and design, I guess designers. You could pretty much find you can find a lot of these folks anywhere. And I think you're starting to see the recruiting of them away from the hubs one of the big challenges for for for developers. Particularly in in the coastal hubs is there's such a high opera to be cost on their talent. Right. If you have a bad quarter as a startup or miss a couple of year, milestones, half year development staff is looking for another job because they recognize that, you know, unless they work for. They're out. Yeah. And and so, but but in Madison or in Detroit, like you've got a stickier employees. And we're seeing that those folks end up staying around longer being more productive. You know, they're able to get a backyard and start a family. I mean, I've I I saw deck one time where we're a we the question was asked what about recruiting how hard is it to recruit, and the the the entrepreneurs showed a slide of a birthday party. And he says it's easy for me to recruit because I can promise this. I can't promise a backyard birthday party in San Francisco, New York, and I have to point out and ask you about the board of advisors for rise of the rest. This is just an astonishing list. Gyms Barksdale of of Netscape Jeff Bezos, Tory Burch Ray dally. Oh, Steve case John door. I'm just I'm gonna stop there. But that's just an unbelievable list of investors that goes on and on and on what's it like working with a group that August, then esteem? We are beyond privileged that that those those notable entrepreneurs investors business leaders among the best of our era have decided to join us on this mission. And you know, we think that the things that they saw an us, and and sort of the implicit mission of what we were doing of democratising this flow of capital was really important. But we also think that they're they're, you know, they're investors. The these folks understand business, and they understand that there's something going on in the heartland..