Quote of the day 29 October 2012
Those of you out there that worry that a bubble is (a) about to occur, (b) is occuring, or (c) has occured in the accelerator/incubator field might find the quote that follows interesting. It's from an article by Rick Spence (@rickspence) in the Financial Post about the graduating class at an accelerator in Toronto. Spence concludes his article with some comments by an investor who attended the demo day:
' One technology investor I spoke with expressed concern about the process. Other than Venngage (the company that has raised $600,000 en route to its goal of $1-million), he said he hadn’t seen any businesses in JOLT that couldn’t have been developed over a weekend with some friends and a few cases of beer. He worries that the mainstreaming of accelerators and startups may be a sign the tech boom has gone too far. “Remember what John D. Rockefeller did when he started getting stock tips from a shoeshine boy,” the investor said. “He went and sold everything.” '
It's interesting to note that Venngage (the company the investor said stood out in a good way) was the only one to have a B2B product.