This is a refreshing announcement. A new Venture Capital firm is starting and they will only invest in Silicon valley based companies (U.S. would be better folks!)

But what is interesting is they are also doing angel investing or the first $50k to get started, which has died down in recent years.

Now a lot of absurdity did happen in the dot con bubble, at the same time to truly obtain innovation, one has to fund a lot of fizzle to obtain that one true spark.

It's also great that this $300M fund will be investing in U.S. companies. About time we stopped hearing the offshore outsourcing mantra and had funds being directed exclusively to U.S. technical innovation.

An interesting fact from the article:

Five-year returns in the venture capital industry, which reached 48 percent in 2000 at the height of the dot-com bubble, were just 6 percent through 2008, according to the National Venture Capital Association. Venture investors make much of their money when their start-ups go public, but only four have sold shares to the public this year.