Re:In Silicon Valley, angel investing has become a key form ...
by lotsofpulp on Saturday October 01, 2022 @08:34AM
(#33046133)
In my experience, people undervalue community and trust. What this article is describing is not that different than what my parents’ diaspora did when they immigrated to the US via chain migration. They had a tight knit community in the origin country, but were not wealthy.
What they did have was trust. So if a new immigrant got a visa call, and they came to the US, people in the community, distant cousins, close cousins, friends of friends would not hesitate to send $2k, $5k, $100, whatever they could to help them get their business started. Today, the same people send each other $100k+ to close deals without hesitation.
Obviously, no bank is going to lend to a no name immigrant. And they were not going to get fancy white collar jobs or even government jobs with broken English and no US degree.
I see the people in the article doing sort of the same. They are taking advantage of the trust between each other. Why let a bank or other investor take extra if you already have the inside scoop that this person is likely not a fraudster and has good work ethics?
What they did have was trust. So if a new immigrant got a visa call, and they came to the US, people in the community, distant cousins, close cousins, friends of friends would not hesitate to send $2k, $5k, $100, whatever they could to help them get their business started. Today, the same people send each other $100k+ to close deals without hesitation.
Obviously, no bank is going to lend to a no name immigrant. And they were not going to get fancy white collar jobs or even government jobs with broken English and no US degree.
I see the people in the article doing sort of the same. They are taking advantage of the trust between each other. Why let a bank or other investor take extra if you already have the inside scoop that this person is likely not a fraudster and has good work ethics?