Yesterday we announced news that a joint group of European blogs, including us, The Next Web, TechCrunch Europe and TechCrunch France were setting up an investment fund MicroFundr™ to invest up to €14,000 Euros (USD $18,500) in Micro blogging start-ups and uses Twitter for funding process.
Some of you called us out on it, and some bought the story right up. Truth to be told it was the mother of all April Fools scams, but the point remains: The VC industry could do with some innovative new models. Even if having a smaller fund means smaller management fees.
Not only that, we also love to co-operate with the great people at The Next Web and at TechCrunch.
Back to the scam. We orchestrated the scam with Boris and the rest of The Next Web, without whom could not have done it. David from The Next Web opened up an Twitter account, whipped up graphics and the ball was rolling. Altogether we got 121 Twitter follower and numerous retweets. The full gory story is at The Next Web.
We apologize to those startups for raising false hopes, but at the same time hope that Angels and early stage funds will take note and look at Twitter not only as a bygone investment opportunity, but also a useful for tool for their trade.