Will Reed Hundt 2.0 have better luck?

Being a former chairman of the Federal Communications Commission has two advantages – it can help you raise big money from big names, and it gets you a lot of press. Reed Hundt is a perfect example.

Hundt is getting a lot of attention these days for co-founding Frontline Wireless, a company that plans to bid on the 700 MHz spectrum that is going to be freed up when analog television meets its maker. The spectrum, as we have reported previously, is going up for auction soon. Hundt’s Frontline wants a piece of that. John Doerr, Jim Barksdale and Ram Shriram, well known for his early bet on Google — are some of the backers of Hundt.

But the big names are no guarantee of success. Last time Hundt tested the entrepreneurial waters, it was during the optical bubble, when he co-founded Sigma Networks. To jog your collective memories, it was a metro optical services provider that raised $155 million, and then promptly went belly-up in January 2002. I wonder why there is no mention of Sigma on his bio on the Frontline website! Lets hope Frontline has better luck!