I recently attended a meeting with Northcoast Angel Fund. Great people. This is a group of midwestern angel investors.
We recently had a panel discussion and a question came up regarding midwest vs. west coast investors. I’m sure some may disagree but the interesting consensus was diligence and caution. In the midwest, we tend to be very careful, do lots of due diligence before we throw money at an idea. The west coast is less likely to do the same degree of diligence and risks a lot more capital. This is dangerous and in my opinion, is not sustainable.
So the more conservative spending mindset of the midwest is one that will pay dividends, literally, in the long haul. Besides, we all know that the west coast is not in a good place right now. You can argue why, but many are leaving the region and looking for a new place to call home and a new place to invest in.