The Tennessean this weekend reported on the TNInvestco program, pointing out how the program for funding early-stage companies has plugged money into more than a few businesses that have been operating for years and that it has created few jobs thus far. The story appears not long before Governor Haslam receives a report on the program's progress.
Vic Gatto tells Jeff Cornwall at Belmont about the first-year successes for Jumpstart Foundry, an angel capital fund that comes with mentoring and other support services. One of the keys, Gatto says, is not to rush in too fast.
Last year we ran at a rate of 1 per month as we built the infrastructure. This year we will have a cohort of 6 over 14 weeks in the summer. This may grow to 8 or 10, but we believe that quality trumps volume. We will build Nashville one small group at a time over the next 5-10 years. There is no shortcut that can maintain quality.
Note: Gatto also is a partner at Solidus, one of the main investors in SouthComm, the parent of the Nashville Post.
That's the amount of money new local venture capital fund Heritage Healthcare Innovation Fund told the Securities and Exchange Commission it plans to raise (HT: Venture Nashville). Our earlier story on the formation of the fund by hospital groups including Vanguard Health Systems and Community Health Systems is here. A report in Michigan has previously pegged the fund target at $150 million.
POSTDATA: WARRANTY DEEDS