Philly Is A Hotbed For Innovation... But Where's The Investors?

Philly Is A Hotbed For Innovation... But Where's The Investors?
Picture Collage from the PSL Entrepreneur's Expo 2024 Edition

This is a little less about marketing and more about innovation, Philadelphia, and investment.

Last Thursday I was at the Philly Startup Leaders' 15th annual Entrepreneurs Expo. It had a decent turn out and there were definitely some great conversations going on. The ones that I had were really informative and one topic struck me, as it came up a bunch. Why is Philly so ripe with innovation, but not flushed with investment?

This is the question that's be "haunting" the Philly startup scene for years now. So many great startups have started here (Venmo and TicketLeap are just two). There's a vibrant startup community and there are some angel investors. But from what I hear they are very conservative in what they invest in.

I know first hand a number of startups who have continued to build out their businesses in the Philly-area but have gone outside to DC, NYC, and Boston to raise.

To me this is sad. Philly's investors should want to invest in Philly, homegrown, startups.

This might be slowly changing, but not fast enough if you ask me.

I think a big part of why startups don't get as many investments from their home city (Philly-area) is that the area is known for Biotech and Pharma, not for startups. This needs to change.

What do you think?

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