A hot new startup fund is drawing dozens of applications from would-be companies hoping to be the next big thing, reports Wired. And what will the six winning applicants get from the Pinboard Investment Co-Prosperity Fund? All of $37. The idea by former Yahoo engineer Maciej Ceglowski is no joke. He's out to prove a point—that the actual money put up by venture capitalists in an age of inexpensive technology isn't as important as the clout they deliver, writes Wired's Ryan Tate.
If this works, Ceglowski "could help remake the tech investment pipeline from a glorified money hose into a system for primarily distributing social capital like prestige, attention, taste, and advice," he writes. In this case, the influential Ceglowski plans to pick his six winners and give them as much buzz as he can. “I want to see if I can give people the social boost to get a chance to explain their idea and attract that initial group of customers,” he says. “Because once you have a handful of people who use your product you can kind of claw your way up from that.”