A CEO running a B-to-B startup needs to live in the city where their business is – or else they’ll never scale. I was having breakfast with Erin, an ex-student, just off a red-eye flight from New York. She’s built a 65-person startup selling enterprise software to the financial services industry. Erin had previously worked in New York for one of those companies and had a stellar reputation in the industry. As one would expect, with banks and hedge funds as customers, the majority were based in the New York metropolitan area.
True story. I invested in a startup. Two entrepreneurs. Growing nicely with a good idea (it would be considered pre-seed today). After the checks cleared, one entrepreneur moved out of state (her husband was moving out of state). The other stayed with the company....then she decided to move out of state while the company continued to operate in state. I said they shouldn't do this. it was years before Covid and remote work. (2009ish) and of course, the company didn't make it.
True story. I invested in a startup. Two entrepreneurs. Growing nicely with a good idea (it would be considered pre-seed today). After the checks cleared, one entrepreneur moved out of state (her husband was moving out of state). The other stayed with the company....then she decided to move out of state while the company continued to operate in state. I said they shouldn't do this. it was years before Covid and remote work. (2009ish) and of course, the company didn't make it.
Thank you @Steve Blank
Wisdom