X startups = Y angel fundings = Z VC fundings
Does it take 300 startups with some type of product/prototype, to result in 25 angel deals, to result in 3 VC deals?
In sales, your organization knows you need 100 companies in the tickler, to get 10 proposals out, to then get 3 sales. Or whatever the numbers are for your business. I’m curious what the averages are for this, but in terms of startups to get to angel/seed funding to get to VC funding.
I’m curious for Buffalo, NY. I keep saying we need 100 startups brewing (more than just an idea, an actual product/prototype in the market), to result in 10 angel deals, to result in 2-3 VC deals. But I think I’m way off. And as a city, we’re nowhere near that initial 100 — we really need to start ramping up and reaching out to each other, helping each get to a product/market fit, a product or prototype, or simply to get the person to move on to an alternative idea that the entrepreneur has that could have legs.
Anyone have stats on this?