Austin's South By Southwest is a great musical event, O'Donnell said, but unlike Brooklyn it doesn't have Manhattan nearby from which to attract venture funding, legal expertise and other services essential to building a start-up.
"You need entrepreneurs, but you also need angel investors and random hedge fund guys who think start-ups are cool,'' said O'Donnell, who plans to tap out his fund between $8 million to $10 million, and take lead positions in 30 to 35 start-up companies. "To build that community, you need both ends of that equation, the talent and the money.''
O'Donnell said both can be found in Brooklyn. Maybe even this weekend.
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