Sometime in 2006, Charles River Ventures (CRV) started a Venture loan program … providing much smaller batches of funding to lots of companies so they could get a leg in the door of potential blockbusters without spending a lot of money up front.
Paul states that the numbers, after a few months are …
- Number of applicants: 1,400
- Number of funded companies: 6
Now, at first glance, this seems pretty low … 6/1400 = under half a percentage point!!!
However, I need more details before I can call it a success or failure.
For example, how do the quality of business plans for this QuickStart loan compare to the ones they get for their regular funding process?
Also, could it be that thinking of this as an easy opportunity, many people just threw everything and anything and half-baked ideas at them?
(Heck, at one point, I wanted to mail 2 or 3 of my business ideas too)
Where can we get more information, if it will be made public at all?
Also, Eric asked more questions’s on Paul’s blog that should help us understand this better.