I'm surprised to see people focused on the "local yokel" part, but I make no apologies for it. I got involved with local investors once and they a) took forever

I'm surprised to see people focused on the "local yokel" part, but I make no apologies for it. I got involved with local investors once and they a) took forever to make a decision b) withdrew from the term sheet signed deal due to their own disorganization and c) in retrospect, had no experience or networks that would have helped get the business going and at worst would have pestered me constantly. It was exactly the kind of money an entrepreneur should not want or take. And real investors know this. You can find all sorts of "made" folks writing about how an early local deal killed the ability of the startup to raise follow on rounds or of investors causing more trouble for founders than they're worth. This is one reason accelerators have been so successful: transparency, consistency, and a matra of active help, not hindrance