New seed capital fund now available in Spokane

A new start up fund has been established, called Inland TechStart LLC, with an intent to raise $1.5 to $2 million. The fund is intended for very early stage, “pre-angel” stage funding and hopes to begin making investments in the $25,000 to $75,000 range in 2011.

An unusual aspect of the fund is that proposals must be pre-qualified by SIRTI, which could be both a good or bad. On the positive side, SIRTI staff can provide excellent advice and guidance to entrepreneurs, helping them build a stronger business case and team. On the down side, a state agency acts as a “filter” to decide who gets funding or not (“filter” is the word in the story).

via New fund here to provide seed capital to tech firms | Company Activities & Management > Company Structures & Ownership from AllBusiness.com.

Overall, this is a positive for Spokane that looks at addressing the difficulties in obtaining funding for technology related start ups in Spokane.

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