I recently connected virtually with an investor based in San Francisco. He said the area has an extensive network of investors with early-stage experience who are willing to invest when a company is two people and an MVP. There’s a deep bench of subject-matter experts who have firsthand experience with a company going from an idea to a material liquidity event (I define that as $250+ million). And because there’s a lot of capital available for entrepreneurs, investors compete.

He’s visited Atlanta a few times, attending events like Venture Atlanta and trying to get to know more about the city’s startup ecosystem. His first observation was that his assumptions were completely wrong. He assumed the Atlanta community of investors would be more diverse than San Francisco’s, but he found them to be similar. He thought the ecosystem would be united, with everyone working together. Instead he found the city to be somewhat fragmented by geography. Overall, he likes Atlanta and thinks there’s lots of opportunity here. Unfortunately, he found it difficult to locate great Atlanta companies to invest in without physically being in the city.

I think most of his observations are accurate. The city can be challenging to navigate if you don’t live here. However, I believe Atlanta’s entrepreneurial ecosystem is on the cusp of something big. Just a few things are needed for it to be top-tier.

Every city has unique qualities that make up its identity. Copying a successful city won’t yield the same results. That said, I believe there is a pattern to success. Certain foundational elements are common to cities with strong entrepreneurial ecosystems, and they should be implemented by cities that want to replicate that success. Here are some of them:

• Abundant knowledge about the entrepreneurial journey that’s readily available to everyone regardless of their background
• A desire to establish bidirectional relationships with people, even if it means going outside one’s comfort zone
• Available capital and mentoring for talented and capable entrepreneurs of all backgrounds

I’m hopeful that Atlanta (and other cities) will add these foundational items. Doing so could change the trajectory for the city and all the people who call it home!

Today I had a great conversation with a local venture capitalist. We mainly discussed opportunities to improve the Atlanta startup ecosystem. The subject of accelerators came up. Atlanta has a few accelerators that play an important role. They provide education, mentorship, and introductions that help fill entrepreneurs’ gaps (in knowledge, relationships, and capital). They also foster community and camaraderie by connecting entrepreneurs who otherwise wouldn’t know each other. Working in close proximity to peers in co-working spaces is a big part of the accelerator playbook.

The venture capitalist pointed out that accelerators as we know them have an uncertain future, which could affect the ecosystem. Working in close proximity now is risky because of COVID-19. If that risk isn’t eliminated, what will that mean for accelerators? Virtual communication is a good alternative, but it doesn’t give entrepreneurs the chance to build the bonds that develop when you’re working side by side. Other serendipitous interactions are also limited. If accelerators can’t operate in dense spaces, their ability to accelerate entrepreneurs’ success will be limited. If fewer entrepreneurs are successful, the momentum of the overall ecosystem could slow.

I’d thought about this before but hearing it from a venture capitalist highlighted the importance of accelerators. I don’t have an answer to this problem, but I’m starting to think about it more. How do you accelerate entrepreneurs’ success if physical interaction is limited and the accelerator model is less effective? How can you fill their knowledge, relationship, and capital gaps?

Like I said, I don’t know the answer to these questions. But I’d love to hear other people’s ideas about them.

Last year I attended a conference in Atlanta. One panelist was a black venture capitalist. I hadn’t heard of him and was intrigued. He has experience at various venture firms and recently launched a $40 million fund to start his own. His firm is a hybrid that invests in emerging venture capital firms and early-stage companies. This hybrid approach was new to me. I set a goal of connecting with him and learning from his experiences. Unfortunately, he lives on the West Coast (like most VCs), so it hasn’t happened.

I try to read everything that’s published about him. One piece mentioned that he would be giving a talk to alumni of his alma mater via Zoom. I didn’t attend his school but figured I’d try to register anyway. Worst case, they reject my registration. Best case, they don’t, and I get to learn something. To my surprise, they let me in.

The talk was great—well worth the time. He shared his unique perspective on various things and discussed the challenge of raising capital for his firm. The highlight, though, was an unpublished resource he shares with firms he invests in. He offered to share it with his audience upon request. Naturally, I asked for a copy. Had I not attended, I would never have known this golden nugget of information was available.

I haven’t been able to connect with him in person, but I didn’t let that discourage me. I did the next best thing. I went to where he would be sharing his experiences and listened. Today, it happened to be on Zoom. It wasn’t what I envisioned when I set my goal, but it did the trick. It filled some of my knowledge gap, and I now have a great resource that will continue to do so.

Sometimes it isn’t obvious how you can accomplish a goal. But if you’re clear on what your goal is, persistent, and open to creative solutions, the universe usually presents you with an opportunity. You just need to recognize it and take advantage of it.