A panel of seasoned entrepreneurs shared advice and discussed the state’s startup climate Wednesday morning at the Wisconsin Entrepreneurs’ Conference held at the Alliant Energy Center.

Mark McGuire of Nextt, Mark Gehring of Propeller Health, Toni Sikes of CODAworx and Mark Bakken of Nordic Consulting, each of whom have run multiple companies, followed the theme of the presentation titled “Lessons Learned from the Front Lines.”

“Too much money can kill a company, the same way that not enough money can kill a company,” Sikes said on the topic of investments. “I would encourage people to think of other ways to fuel your growth.”

Gehring added, “For new companies, it’s too hard to raise money (in Wisconsin), the process is too long. Investors from the west coast are more efficient and move more quickly.”

On the topic of talent, the panelists noted how Epic has contributed to the pool.

“I think the climate is markedly different than it was 10 years ago,” McGuire said.

Madison has “all the right ingredients” for a thriving startup ecosystem, according to Bakken, who mentioned that two-thirds of Nordic’s consultants are former Epic employees.

McGuire told the audience to set up equity at the beginning to avoid “headaches” down the road and for startups to use their inherent advantages, including speed to market.

Meanwhile, Bakken’s advice helped his own company grow.

“Timing is everything–you need to strike while you can,” Bakken said. “You also need your backup plans.”