Heartland Tech Weekly: Modest goals threaten to halt the Midwest’s tech growth | Tech Biz

This week’s “from the Heartland Tech channel” section includes an op-ed from Bill Baumel, the managing director of the Ohio Innovation Fund. He lays out the challenges that the Midwest still faces in securing more venture capital, including a mindset that doesn’t think big enough.

These few sentences in particular from Bill struck me:

Too many startups in the Midwest have very conservative plans: years of modest growth that eventually lead to $10 million-plus in revenues after seven-plus years. … A lot of these startups have unique and powerful offerings, but don’t realize that they have a finite window of opportunity before competition comes and eventually eclipses them.

The idea that many Midwest startups have modest revenue goals is nothing new. But emphasizing how being too conservative with revenue goals leaves room for competitors to surpass your company is helpful in thinking about what it will take for Midwestern cities to create stronger tech hubs. Many investors I talk to cite the Midwest’s expertise in B2B industries as one of the biggest advantages the region has. All of the advantages that deep industry knowledge affords goes to waste, however,  if Midwestern companies don’t think big enough and are surpassed by more nimble Silicon Valley companies.

Thanks for reading, and as always, please send me your thoughts via email.

Anna Hensel

Heartland Tech reporter

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