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“Building the Next #SiliconValley” at #TrustBelt18: Chris Thomas of #DetroitMobilityLab says “focus on your own local strengths. Start there.” He adds, many regions think they should be like others, but “Detroit needs to be #Detroit. The Mobility Lab is an extension of that.”pic.twitter.com/UpQzVQnYkP
Entrepreneurship is cultural. Maren Lesche of @StartupColors says “there’s a reason Berlin is so good w/ startups. There’s no single industry there.” She remarks that in East Germany, where she is from, 40 years of a central economy led to a “lost generation” of entrepreneurs.
In the ‘20s, Detroit was the richest city in the world per capita. Entrepreneurs competed to optimize automotive tech. As firms won those races and got huge, that activity “frittered away.” Things “got safe.” The ? is: “Do we have the ability as a region to change that culture?”
When asked how they determine whether to invest in startups, all panelists — Matt Knight of @shadowventures, Hassan Syed of @birventures, and Chris Thomas of #DetroitMobilityLab — agree: people are #1. “If you don’t have the right team it’s a false start from Day 1.” #TrustBelt18
Chris adds, if you have an “A” product an a “C” team, but a competitor has a “B” product with an “A” team, he’ll opt for the latter all day long. @shadowventures’ Matt Knight says “don’t bet on the horse. Bet on the jockey.” #TrustBelt18
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