Tucson and Arizona offer fertile ground for entrepreneurs but still lack the local venture capital needed to take startups to the next level, former PayPal executive Jack Selby said Thursday at the Tucson Metro Chamberโs inaugural Business Summit & Expo.
Selby is trying to do something about it, with a $100 million Arizona-based venture capital fund he hopes to announce in the next few weeks as part of InvisionAZ, a nonprofit he co-founded in 2018.
Selby, a Phoenix-area resident who commutes to California for his job as managing director for Thiel Capital, said the University of Arizona and other universities in the state provide a pipeline of technology and talent for local startups.
But although Arizona startups can win seed funding from local โangelโ investor groups, bigger, venture-capital funding to drive growth is lacking within the state, Selby told about 200 summit attendees at the Tucson Convention Center.
Keynote speaker Jack Selby, co-founder of PayPal, is planning a $100 million Arizona-based venture capital fund he hopes to announce in the next few weeks as part of InvisionAZ, a nonprofit he co-founded in 2018.
โThatโs great because you have to start somewhere, but where the ecosystem has traditionally really broken down is that if you want to go from here to there in terms of revenue growth, and get a $3 to $5 million check to really accelerate your growth, thatโs been really hard to get,โ said Selby, who sits on the Arizona Commerce Authority board of directors.
Selby says seeking out-of-state venture capital investment pushes money out of the local economy and causes talented people to move, while the โgravitational pullโ of outside investors can force startups to relocate.
Adana Williams, middle, and Mallory Shibe, right, of Nextrio, talk with Randy Peterson, of Big Brothers and Big Sisters during the Tucson Chamber Summit & Expo at the Tucson Convention Center.
Michael Guymon, who was named president and CEO of the Tucson Metro Chamber in February, said the groupโs first Summit & Expo is part of his vision to provide more resources to help local businesses grow and thrive.
Guymon said he encourages business owners to have a โgrowth mindset,โ with a passion for stretching themselves and sticking with their strategies despite daunting challenges.
โThis is the mindset that allows people to thrive during the most challenging times in their lives, and boy, over the past couple years weโve seen some significant challenges,โ Guymon said.
Michael Guymon, who was named president and CEO of the Tucson Metro Chamber in February, said the groupโs first Summit & Expo is part of his vision to provide more resources to help local businesses grow and thrive.
