The Missing Middle: What Entrepreneurs Actually Need to Build and Grow
Venture capital was never built for most founders or most communities. So what does it look like to build something better? Especially in an AI-driven economy.
Whether you're an economic developer trying to grow your region's entrepreneurial ecosystem, or a founder figuring out how to fund your next stage of growth, this conversation is for you.
Donna and Heidi will dig into a new, modern vision for entrepreneurial ecosystems that actually works — for the builders who live there, the communities that need them, and the investors who want to back something real.
What the "missing middle" is and why it exists in every community — the gap between what banks will fund and what VC wants, and why most growing companies fall straight through it
Why the funding gap is getting wider, what's driving it, and what communities can actually do about it
The capital tools and vehicles that already exist, yet are being dramatically underused but could be funding the companies your community needs
Why support and capital must move together, and what breaks down when ecosystems treat them as separate problems
How AI is changing what's possible for founders who don't have access to Silicon Valley networks, teams, or money
How to reliably identify founders with real traction, before capital enters the picture
What it looks like when ecosystem builders, funders and entrepreneurs work together toward a shared definition of success
This isn't a panel about best practices. It's a direct conversation between two experts about what's broken, what's working, and what you can build in your community starting now.
About the speakers:
Heidi Knoblauch is the Founder of New Funders Studio and the Founder and Managing Partner of Homefield, which gives economic development organizations, accelerators, and universities the infrastructure to launch and operate their own investment funds. Previously, she helped manage $500 million in SSBCI capital at Empire State Development — including a $150 million fund of funds. She is the Ackner-Newman Professor of Practice at the University at Albany's Massry School of Business, holds a Ph.D. from Yale, and has spent her career at the intersection of capital, community, and entrepreneurship.
Donna Harris is the CEO and founder of Builders + Backers, an AI-powered venture studio operating across all 50 states that has helped thousands of entrepreneurs bring their ideas to life. A 6x entrepreneur with multiple exits and a prolific investor, she is consistently ranked among Business Insider's top 25 female early-stage investors. Previously, she led the Startup America Partnership and co-founded 1776, one of the world's most recognized startup ecosystems. She writes the Builders Field Guide, delivering weekly practical guidance to entrepreneurs, investors, and ecosystem leaders navigating venture creation in an AI economy.