Investors everywhere favor people they know. But in smaller markets, where there are usually only a few sizable venture capital firms, that favoritism starts to feel like an old boys’ club, limiting opportunities for first-time founders. Until recently that problem was especially acute in Austin where one firm, Austin Ventures, dominated the local VC market, until its dissolution two years ago. The pool is wider now, but the insiders-only challenge persists. Read here how one entrepreneur figured out the formula.
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