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.
Written by Leon Lazaroff in New York>To contact the writer of this article, click here: Leon Lazaroff.
Select the service that is right for you!COMPARE ALL SERVICES
- $2.5+ million portfolio
- Large-cap and dividend focus
- Intraday trade alerts from Cramer
- Weekly roundups
Access the tool that DOMINATES the Russell 2000 and the S&P 500.
- Buy, hold, or sell recommendations for over 4,300 stocks
- Unlimited research reports on your favorite stocks
- A custom stock screener
- Upgrade/downgrade alerts
- Diversified model portfolio of dividend stocks
- Alerts when market news affect the portfolio
- Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
- Real Money + Doug Kass Plus 15 more Wall Street Pros
- Intraday commentary & news
- Ultra-actionable trading ideas
- 100+ monthly options trading ideas
- Actionable options commentary & news
- Real-time trading community
- Options TV