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Talent agency William Morris, venture capital firms Accel Partners and Venrock, and AT&T are teaming up to invest in digital media startups. They’re launching a new fund, which was first mentioned by peHUB last week and reported in detail by the New York Times last night.
The fund will be led by Richard Wolpert, formerly of Disney Online and RealNetworks, says the Times, whose copyeditor must have been out seeing Will Ferrell’s hit new movie rather then making sure to put two e’s in his name (not that we’re spelling wonks or anything).
So here’s what you need to know for your pitch:
– Do something in mobile advertising, social networking, mobile gaming, or online content. Have “emotional relevance” if you want to get Venrock’s David Siminoff on your side.
– Don’t be looking for massive money: investments will range from $250,000 to millions of dollars. The total fund size is in the “tens of millions” so they’re not going to blow it all on one company.
– It’s best to be located in Southern California, but could be OK if you’re elsewhere.
– If you’re a big-shot Hollywood type, a killer idea may not be required. Limited partner AT&T is “not in it for the return on investment,” said Susan Johnson, SVP for business development, but simply wants to learn from the entertainment industry. So fail away!