The Philadelphia region does have capital, but there's no concentration of it.
I don't think a lot of people have been entrepreneurial about venture capital.
When I started half.com, our three biggest competitors were Borders, Tower Records and Blockbuster Video.
I don't think Philadelphia's challenge is in coming up with great ideas or having great founders. I think the real challenge is keeping them here.
If you're an entrepreneur, and you have a choice to go to a place where there are 250 VC firms or somewhere else where there might be one or two, you're gonna go where all the money is.
You know you've built a product that can hit the mainstream when your wife, your father, and your mother-in-law can get involved.
I really believe that if capital doesn't come to the entrepreneurs, the entrepreneurs have no choice but to go to the capital.
There's one thing I've learned about entrepreneurs' business plans. Every one is wrong.
First Round has an opportunity: to create an entirely new kind of online publication, built for technology entrepreneurs, where they can learn how to build better companies.
