The Carson College of Business recently partnered with CougsFirst! to offer a public panel discussion on navigating entrepreneurial funding during the 2025 CougsFirst! Show & Career Expo in Bellevue.
CougsFirst! is a business network inspiring WSU alums and friends to prioritize Coug businesses for products, services, and hiring, uniting a global community of 240,000+ alums.
The panel, part of the college’s Power Lunch program for Seattle-area business professionals, featured speakers from venture capital, angel investing, commercial banking, and private debt financing.
Panelists included:
“Our partnership with CougsFirst! keeps us connected and engaged with our alums so we can better understand what the business needs are in the Pacific Northwest,” said Debbie Compeau, Carson College dean. “By working together on events such as the entrepreneurial funding panel and the c-suite roundtable discussion coming up this fall, we’re able to provide thought leadership that’s relevant to our graduates and the business community at large.”
Marie Mayes, acting director of the WSU Center for Entrepreneurship, moderated the panel and opened discussion by asking the panelists to describe their unique perspectives on the dynamics of funding.
Types of funding and when to seek it
One insight the panelists all agreed on was that entrepreneurs should seek the best fit for their funding source and the right timing. A strong relationship between the lender and the entrepreneur is a critical part of that process, they said.
“All money isn’t ‘good’ money,” said Page, who has years of experience as a debt financier. “Your financing has to align with the mechanics of your business and your strategy. There are basically two buckets when it comes to debt financing: banks, and everything else. Entrepreneurs need to work with someone who understands the landscape and nuances of debt capital strategy.”
There are basically two buckets when it comes to debt financing: banks, and everything else. Entrepreneurs need to work with someone who understands the landscape and nuances of debt capital strategy.
Jody Page (’96), managing partner
PACAM
At BECU, Hatch manages loans to businesses and communities. He said just because entrepreneurs can obtain debt funding, it doesn’t mean it’s the right time to do so. Startup success often hinges on having other capital because banks are restricted by regulations, which can hinder growth or constrain operations, he said.
Hatch advised entrepreneurs to start small, have a good personal credit history, and build rapport with lending partners. He said meeting the banker and opening a deposit account or line of credit are good practices.
“First and foremost, have your personal house in order,” he said. “A good personal FICO credit score is a great demonstration of what you can tackle when starting a business.”
Guyette said venture capital is a good option for financing tech companies that need a lot of investment up front in order to build technology that will have a big impact, such as software.
“Venture capital only works with big outcomes,” he said. “It’s very expensive money. Entrepreneurs should explore the cheapest options for capital that will match the outcome of their business.”
Common misconceptions about funding
According to Murphy, a common misconception is that angel investors — people with personal wealth who provide capital to early-stage, high-potential startups — are motivated primarily because they anticipate a high return on every new venture they invest in.
“That’s typically not the case. Experienced angel investors engage because they’re confident the entrepreneur will build and market the product,” he said. “They’re often personally aligned with the product and the founder’s values. More prudent angels focus more on numbers. They know if the product gets traction, entrepreneurs will get the business to a certain point, then hire a CEO to drive growth.”
The process of obtaining angel and venture capital funding varies depending on the level of engagement, according to the panelists. Murphy said some angel investors have a due diligence process that can take a few months, where the investor gets to know the business plan and team better and ensure values and goals are aligned.
In the private lending space, the funding process can take up to three months, Page said.
Guyette said he’s seen venture capitalists fund companies in less than an hour, while others take years.
“In my opinion, the best relationships develop over months or sometimes years prior to investment,” he said. “Give yourself the time and cash buffer to run an effective fundraising process. I usually expect the process of raising venture capital to take at least a quarter, if not two.”
Watch the CougsFirst! panel video.
