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.