1Mby1M Virtual Accelerator Investor Forum: With Michael Smerklo of Next Coast Ventures (Part 5)

Sramana Mitra: The geographies that you’ve mentioned, we have quite a bit of experience in some of them. Utah is really booming. Utah has taken that bootstrapping ethos to the ultimate levels of success. They have seen company after company bootstrap to success. Utah really stands out.

Michael Smerklo: We think this is a major trend. This is a long-term trend. I just came back from Silicon Valley. There’s no place like it in the world. At the end of the day, there’s cost of living and ability to attract talent.

You can still build great companies in markets like Austin or Salt Lake City. I do think that Salt Lake and Austin are farthest along. We think this movement to next coast markets is just getting started. Its gets us super excited.

Sramana Mitra: We’re doing lots of stuff in that. We see companies, investors and ecosystem developers who are working in bringing up new geographies. The other guy who did a lot on that in Montana is Greg Gianforte. It gave Montana a big boost.

We do that globally. We are even working on all these unknown markets. It’s going to take a while. What else would you like to communicate to our audience? I think your philosophy is very much in alignment with us. 

Michael Smerklo: I did it myself. Unless you have taken all the risk, you don’t fully understand how hard this job is. I want to thank all the entrepreneurs out there because it is amazing. What they’re doing is absolutely important and critical work.

I can only speak from personal experience. I’ve found it to be the hardest and greatest job in the world. I hope as an investor, I can bring some of that empathy. My friends say, “Are you busy?” I’d say, “I’m busy but I’ll never be as busy and stressed as I was when I was an entrepreneur.”

It’s the entrepreneurs that are making a difference. I laugh when venture guys go, “I made this happen.” No, it’s the entrepreneurs who did it. We’re just incredibly grateful to work with amazing entrepreneurs. Thank you for the hard work. Keep after the hard work. It makes a massive difference in the world.

Sramana Mitra: Wonderful message. People should pay attention to it. VCs expect that entrepreneurs are going to be catering to them. That’s just wrong. VCs are service providers. Entrepreneurs are the ones out there who are fighting.

Any company that gets anywhere has 18 months, and even longer, of intense sacrifice – no salary, meager lifestyles. VCs never even have to think about making these sacrifices. Your point is very well-taken. I’m very glad you made that point.

Michael Smerklo: Thank you for what you’re doing. What you’re doing to help entrepreneurship is also wonderful. I appreciate the opportunity to be here. Thank you for what you’re doing.

Sramana Mitra: Thank you for your time. 

This segment is part 5 in the series : 1Mby1M Virtual Accelerator Investor Forum: With Michael Smerklo of Next Coast Ventures
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