Talent agency helps launch venture fund - The Los Angeles Times
The entity, backed by William Morris and others, will invest in tech and media firms.
Entrepreneurs seeking cash for new-media start-ups get a new door to knock on today.
William Morris Agency is teaming up with Silicon Valley venture capital firms Accel Partners and Venrock as well as telecommunications provider AT&T Inc. to launch an investment fund for consumer technology and media start-ups. It’s part of an effort by the talent agency to cash in as more entertainment moves online.
“Intellectual property is shifting toward different distribution channels,” said Jim Wiatt, chairman and chief executive of William Morris. “There’s a huge opportunity for us to participate in that.”
The fund, which does not yet have a name, will make investments of less than $1 million in young companies that help foster growth in areas including broadband, wireless, gaming, advertising, entertainment and emerging media platforms.
“There’s new innovation every year, and the earlier you can be aware of or involved in that innovation, the better position you’re going to be in,” said media industry veteran Richard Wolpert, who will manage the fund.
Wolpert was formerly the president of Disney Online and chief strategy officer of RealNetworks Inc., which created the RealPlayer media streaming program.
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