Do Boston VC’s Need to Better Self-Promote?
A couple weeks back, The New York Times ran an article headlined ‘Venture Capital Firms, Once Discreet, Learn the Promotional Game’ about how Silicon Valley VC’s were cultivating their images. Here’s the gist:
It wasn’t so long ago that venture capitalists kept secrets. The young start-ups they backed certainly sought attention, but most venture capitalists operated under levels of secrecy typically reserved for Swiss banks.
…Now, Sand Hill Road in Silicon Valley is one long parade route. Venture capitalists are hiring full-time public relations experts to tell bloggers and reporters of their investing prowess. They publicize their every doing and thought on Twitter and in blog posts.
The undisputed leader in all of this? Andreessen Horowitz.
Why are these efforts necessary? One might argue that they’re not, but the article calls it “a symptom of the stresses on the consolidating venture capital industry,” which is forcing firms to compete fiercely for LP’s.
But if the ramped up PR is done in service of competition between firms, it also helps to brand the region. When Andreessen Horowitz is profiled by Forbes and Wired in one month, it’s publicity not just for the firm, but for the Valley.
This is the time in the post when I’d implore Boston VC’s to talk themselves up more, but instead I want to use this as a moment to highlight the importance of the New England Venture Capital Association (NEVCA).
As NEVCA is becoming more and more active, it’s taking some of the burden off of individual firms to talk up the city of Boston. Take, for example, the video that NEVCA produced for BostonFest. While I can’t claim to have been involved, I love the points that it hits on.
What makes this effort great is the inclusion of the entrepreneurs. As NEVCA ramps up its promotional efforts, it’s centering on entrepreneurs, as well as VC’s.
None of this precludes learning from examples of companies that Boston missed, or even advise some entrepreneurs to head west. The other thing I liked about NEVCA’s video is that it recognized that the startup ecosystem isn’t the only criteria for picking a place to live. People come to, and stay in, Boston because they like it, for many reasons.
The branding of Boston remains a critical task, one that we think a lot about at BostInno. I’m glad to have NEVCA on it, as well.
from BostInno http://bostinno.com/2012/08/07/do-boston-vcs-need-to-better-self-promote/