Good News / Bad News
We previously offered cheers on learning of the new Angel Fund that was spearheaded by Innovation Works and includes Pitt and CMU. Although we are still pleased at this development, the waters are gettting muddy.First, we hear that Bob Dickson dropped out of the triumvirate that was chosen to run the Angel Fund. Then we hear that Blue Treee is going to start up a similar fund, AND so is someone from the Erie area.
The Good News is that funds are being raised to address a critical need in our entrepreneurial community - seed capital. Having one fund is good, and having three must be great. Right? Well, maybe.
There is a limited amount of investment money that's open to higher risk, seed stage investing (particularly in Pittsburgh's risk averse climate). Will we end up with three funds with enough money to really make a difference with startup funding? Or perhaps, they will vie with each other for investor attention, ending up underfunded and unable to make many investments.
We certainly hope for the former, but are concerned the latter may be the result. One reason is that Bob Dickson decided not to participate because he thought there wasn't enough money available to properly capitalize all the funds. Stay tuned!
Technorati Tags: Pittsburgh Angel Funds Blue Tree
posted by HELP @ 9:55 AM
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