What’s really up at Brightspark?

I have heard about five different rumours in the last few weeks about what Brightspark is up to (and not up to).

To quote Mark Twain in his famous 1897 quote “The reports of my death are greatly exaggerated”.

To be absolutely clear, Brightspark remains dedicated to the Canadian software and Internet startup market. The Brightspark team believes that there are many opportunities to create lucrative and successful Canadian Internet and software businesses.
Brightspark remains focused on running its VC Funds. Brightspark Fund 2 has made nine VC investments; is making a few new investments and the team continues to work closely with its portfolio companies.

At the same time, Brightspark has started a new business called Brightspark 3.0 Inc. Brightspark 3.0 is in the process of raising funds via private placement from accredited investors. (Due to the nature of the legals round private placements, we are not marketing the fundraising or soliciting public interest. If you would like information about the placement, please email me at marks@brightspark.com).

Brightspark 3.0 Inc is a corporation that will create and operate new Internet businesses. The plan is for these to be cost-effective, cash generative Internet businesses. Brightspark 3.0 will share resources amongst the new businesses. The goal is for these to be mostly Web 2.0 businesses based on advertising and freemium business models. These businesses will be driven by the Brightspark founders – Tony Davis, Sophie Forest and me. We plan to be involved in the new businesses on an active day-to-day basis. As those who have followed us over our careers, you will know how much we like starting ad running new Internet and software businesses. We believe that, considering current market conditions, this is the best way for us to capitalize on the opportunities in the Internet industry.

These are exciting times as we see the evolution of the venture capital market. We believe that we are leading the market into these new areas.

But, to make sure that the rumours are corrected: We remain VERY active in the Canadian startup market. We are actively running our funds. We are actively “pushing the envelope” in new projects and businesses. Going forward, we intend remaining a leading force in the Canadian software industry.

Comments

[John Philip Green]

Sounds like a solid new direction. Smaller investments are often all it takes to get great web 2.0 projects off the ground.

Good luck!