"We think we'll get outsized returns by evaluating startups ina more empirical, meritocratic way" says Eric Ries of the Neo Lean Fund
San Francisco, CA (PRWEB) March 12, 2013
Neo Innovation (“Neo”) is announcing the launch of the “Neo Lean Fund”, a $3m venture fund targeting early stage Internet companies operating along “Lean Startup” principles. The fund will invest alongside prominent venture funds to build startups with great potential and is expected to grow to $30m over seven years.
Eric Ries, author of “The Lean Startup” will be a Member of the Fund. “We're excited to be putting these principles to work in the venture space,” Eric said. “We think we'll get outsized returns by evaluating startups in a more empirical, meritocratic way.”
Portfolio companies in the Neo Lean Fund will also gain strategic advantage. Neo has offices around with world, and employs about 80 agile software developers and lean product professionals. It is deeply networked into development, design and entrepreneurial communities around the world.
Neo’s board members include Joi Ito, Director of the MIT Media Lab, and Kaoru Hayashi, President and Group CEO co-founders of a leading Japanese technology company, which was also an early investor in Twitter and Path.
Other members of the investment committee will include Neo executives Ian McFarland (President of Neo and former Principal and VP Technology of Pivotal Labs), and Kent Lindstrom (COO of Neo and former CEO of Friendster).