investors, venture-capital, angel-investors, fundraisingAssuming the business is located in a low-population area, not near any business hubs, what’s a good way to find nearby investors? Is it important for the business to be located near its investors in the first place?
My suggestion would be to go online and see if there's a local or nearby branch office of SCORE (Service Corps Of Retired Executives), which is an organization that provides free business mentoring services. They can help you with many different areas of business, including finding groups of potential investors and putting your plan together to make your pitch.
I'd also strongly suggest visiting the Small business Administration web site, which can provide resources in your area.
Daniel is correct. Your local SBA or SCORE would be a great first start.
The locality of the investors depends on your business industry and your market.
There are two types of investment money. SMART MONEY and STUPID MONEY.
Everyone normally wants smart money.
Smart money comes from people who are in or related to the industry your business is related to; whereas, stupid money is from investors who have no influence on your business whatsoever.
Stupid Money = Grandma giving you money for your new video game company. Smart Money = A former executive or Electronic Arts giving you money for your new video game company.
You will not find that executive in a small local town. You will find him in San Jose or Los Angeles.
To find companies who have recently been funded and who funds them if you are a tech startup visit www.thefunded.com.
Just to throw another idea out there - If there are any major universities around, they may be a way to get some leads. Especially for schools with robust business and engineering programs, there may be regular competitions, events, grants, awards, or other such funding opportunities for students in the state. At least some of these funding entities might also invest in non-student startups in the area.
AngelList seems to work for many people, although I prefer Daniel Anderson's suggestion of looking into SCORE, because we've seen some pretty shady deals offered to noviates via AngelList on this forum, and you need someone with experience to help you navigate the pitfalls.)
Even if they don't have a SCORE office in your area, you might be able to find a mentor who is willing to advise you remotely via email and the occasional phone call.
You don't have to be in an area with investors, but it helps because you'll likely have to travel to pitch, with no guarantees of securing funding.
If you don't have a successful track record or experience raising money, you're going to have a lot of work ahead of you convince savvy investors to commit.
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