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Crisis Mode: Less Ventured
"We're still looking for deals, but it has to be really cool, breakthrough stuff," said Jack Biddle, general partner at Novak Biddle Venture Partners.
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Washington, however, has a multibillion-dollar technology buyer called the federal government. And a number of local start-ups count agencies as customers.
"Maybe you don't build another destroyer; maybe you don't increase Medicare," he said. "But you're still going to buy security systems and evolve the technology used by various departments," he said.
State-funded investment groups are also feeling the pinch. The Maryland Technology Development Corp., or Tedco, invested in eight companies in the third quarter. But its state funding is also under pressure. This month, Maryland cut the organization's budget by $460,000, to $4.3 million.
"We've got to bleed a little like everyone else," said Renée Winsky, Tedco president and executive director.
Tom Weithman, who oversees investments of Virginia's Center for Innovative Technology, said he's used to doing more with less.
"As seed-stage investors, it's always about the burn rate for us," he said.
Kim Hart writes about the region's technology scene every other Monday.
