At the Tech Nebraska Summit, a panel of investors representing different stages of the capital journey shared what they consistently see work—and not work—for founders building companies in Nebraska.
The “Angels to Exit” conversation was moderated by Daragh Mahon, EVP and CIO, Werner Enterprises and featured:
- Josh Bartels, Executive Director, Nebraska Angels
- Charlie Cuddy, Managing Partner, MOVE Venture Capital
- Jack Pettyrock, M-One Capital (formerly McCarthy Capital)
Rather than focusing on trends or hype, the discussion centered on practical realities: what makes a company investable, where founders most often get stuck, and how Nebraska’s ecosystem can better support companies from first check through exit.
Why Nebraska’s Approach Looks Different
Building in Nebraska doesn’t follow the coastal playbook, and the panelists agreed that’s increasingly an advantage.
Capital in the midwest tends to be more measured. Relationships are closer. Access to corporate leaders and decision-makers is more direct. This proximity changes how companies grow and how investors assess opportunities.
“When capital was cheap elsewhere,” said Charlie Cuddy, “Nebraska companies were still operating with restraint. Now that the market has corrected, everyone else is catching up to how we’ve always built, with discipline and capital efficiency.”
Rather than chasing speed for its own sake, Nebraska founders have built companies designed to endure. And as the panelists noted, that mindset has never been more relevant.
What Makes a Founder Investable
From the first check to later-stage growth, the panelists kept circling back to one thing: great companies begin with great founders.
For Bartels, deep industry understanding and genuine enthusiasm are what set early founders apart. “You can tell when someone knows their space and is excited about solving a real problem,” he said. “That combination makes investors want to help.”
Cuddy added that MOVE Venture Capital looks for two simple things: why this founder and why now? Timing and team, he said, are often more important than early revenue. “At the pre-seed stage, we’re not building spreadsheets, we’re asking, if this works, how big could it be?”
Pettyrock echoed that sentiment, emphasizing that M1 Capital looks for companies with repeatable sales strategies and founders who can scale responsibly. “The people side of investing is everything,” he said. For his team, success depends on partnering with founders who stay grounded in their purpose as they grow.
Where Founders Get Stuck
After reviewing hundreds of pitches, the panelists have developed a clear sense of where even strong founders tend to stumble.
A lack of alignment often tops the list, pitching investors whose focus or check size doesn’t fit the business. Many also underestimate how much capital they’ll need to reach meaningful milestones, or overestimate what they can justify.
Pettyrock noted how often founders conflate their total addressable market (TAM) with what they can actually serve today. “It’s great to know the long-term opportunity,” he said, “but investors want to see that you understand your next ten customers.”
Cuddy added that raising too little can be just as risky as raising too much. “If you under-raise, you run out of runway before you hit key milestones,” he explained. “If you over-raise, you can’t grow into the valuation you’ve set. Either way, it slows you down.”
Why Capital Alone Doesn’t Build Companies
One of the strongest themes of the discussion was that capital, while important, isn’t the whole story.
“Being a customer is often more valuable than being an investor,” said Pettyrock. For early-stage companies, having established organizations pilot or test their products provides the kind of validation and feedback that money alone can’t buy.
Bartels agreed, noting that corporations have an opportunity to help founders understand how to approach enterprise clients. Cuddy added that speed is often the difference between supporting a startup and missing the window entirely. “Startups move fast, sometimes faster than corporate timelines allow,” he said. “You could see a startup fail in the time it takes someone at a large company to return an email.”
Moderator Daragh Mahon added that many large Nebraska companies are already playing that role, often without realizing how valuable it is. “From experience, the best solutions are sometimes right down the street,” he said, referencing how Werner has partnered early with local startups to test and refine new technologies.
That kind of active, responsive support (and not just funding) helps Nebraska startups mature faster and expand beyond the state’s borders.
Communication as a Competitive Advantage
Every investor on the panel emphasized the same thing: communicate early and communicate often.
Founders sometimes go quiet between milestones, hoping to reappear with big news. To investors, that silence signals trouble.
Cuddy called consistent updates “the number one thing that separates strong founders from the rest.” Regular communication builds trust, allows investors to spot patterns, and opens the door to introductions or problem-solving before issues escalate.
Bartels added that founders shouldn’t hide challenges. “If you’re struggling, tell us,” he said. “We might know someone who’s solved the same problem.”
The takeaway was simple: transparency compounds trust. Investors can’t help if they don’t know what’s happening.
Thinking About Exit Earlier Than Expected
Exit planning doesn’t start at the finish line. For most investors, it’s part of the conversation from day one.
Pettyrock explained that understanding a founder’s vision for the business is essential before investing. “We want to know what success looks like to you. Are you building to sell, to go public, or to build something you’ll run forever?”
While Nebraska doesn’t currently produce many IPOs, the panelists noted that the region excels at creating profitable, acquirable companies that provide meaningful returns and long-term impact. “You don’t need a billion-dollar headline for it to be a great outcome,” said Cuddy.
That flexibility of smaller raises, sustainable growth, and pragmatic exits has become one of Nebraska’s strengths.
The Systems That Keep Founders Building
The conversation also touched on the importance of maintaining programs that make early-stage funding possible, especially those that help bridge the gap between idea and investment.
Cuddy credited the Business Innovation Act (BIA) as “one of the most effective programs Nebraska has ever had,” noting how its matching grants have helped dozens of companies reach investable traction. “It’s the kind of program other states try to copy,” he said.
While the BIA’s funding has since been restored, the discussion served as a reminder of how essential these tools are for keeping talent and capital in Nebraska. As Bartels noted, investing in Nebraska startups also means investing in the people and communities that make them possible.
A Shared Mindset for Building in Nebraska
What emerged from the conversation wasn’t a checklist, but a philosophy.
Nebraska companies succeed when founders build with intention rather than urgency, treat capital as a tool rather than a trophy, and stay connected to customers, investors, and peers.
As Pettyrock noted, “There are great companies being built right here in Omaha,” a reminder that founders don’t have to leave Nebraska to build something extraordinary.
From angels to exit, the path may not be linear, but with disciplined growth, open communication, and a connected community, it’s one that more founders can follow right here at home.
