Alan Patricof, a legend in the VC world, spoke yesterday on CNBC about the benefits and potential of popular crowdfunding. Patricof who founded Apex Partners in 1977 which grew to become one of the larges private equity groups in the world has been involved in some major companies over the years including Apple and AOL – among many others.
In 2006 Patricof left Apex to start a new firm, Greycroft Partners, which manages over $40 Billion in funds. The group focuses on early stage venture capital investments.
The Ohio State University graduate believes crowdfunding will open up a whole new kind of financing for young companies and sees crowdfunding as tangential to venture capitalist investments.