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So That's What He's Looking For
By Eric Dash
For a venture capital firm seeking more than $1 billion to invest in media and technology start-ups, nothing helps attract attention like a celebrity. Elevation Partners has landed a whopper: Bono, of the rock band U2.
The singer, who has worked for years for debt relief for developing nations, was recruited by Roger McNamee and John Riccitiello, Elevation's founders. Bono's exact role at Elevation, which coincidentally shares a name with U2's 2001 Grammy-winning song, is unclear.
But he is not the first celebrity to venture into capital. In 1999, Ronnie Lott and Harris Barton, former San Francisco 49ers, founded Champion Ventures, a private investment firm that now has $450 million. It is now called HRJ Capital.
So what advice can sports stars give a rock star like Bono? "Go see a doctor first," said Joe Montana, the former 49er who is a partner at HRJ, implying that the industry can be as bruising as a blitz. "But seriously, the best advice I can give him is to surround himself with the best people and partners he can find." No word yet if Bono will recruit his touring buddy from his development road show, Paul H. O'Neill, the former Treasury secretary.
--Eric Dash
http://www.nytimes.com/2004/07/04/business/yourmoney/04suits.html
By Eric Dash
For a venture capital firm seeking more than $1 billion to invest in media and technology start-ups, nothing helps attract attention like a celebrity. Elevation Partners has landed a whopper: Bono, of the rock band U2.
The singer, who has worked for years for debt relief for developing nations, was recruited by Roger McNamee and John Riccitiello, Elevation's founders. Bono's exact role at Elevation, which coincidentally shares a name with U2's 2001 Grammy-winning song, is unclear.
But he is not the first celebrity to venture into capital. In 1999, Ronnie Lott and Harris Barton, former San Francisco 49ers, founded Champion Ventures, a private investment firm that now has $450 million. It is now called HRJ Capital.
So what advice can sports stars give a rock star like Bono? "Go see a doctor first," said Joe Montana, the former 49er who is a partner at HRJ, implying that the industry can be as bruising as a blitz. "But seriously, the best advice I can give him is to surround himself with the best people and partners he can find." No word yet if Bono will recruit his touring buddy from his development road show, Paul H. O'Neill, the former Treasury secretary.
--Eric Dash
http://www.nytimes.com/2004/07/04/business/yourmoney/04suits.html
