Hamid warns start-ups to steer clear of state-backed funding

Hamid warns start-ups to steer clear of state-backed funding
Mamoon Hamid, co-founder and partner of Social Capital pictured at the Intercom office in Dublin Picture: Bryan Meade

Veteran tech investor says capital gained through government schemes sends ‘wrong signal’

One of Silicon Valley’s most high-profile investors has said that Irish start-ups should target private sector investment ahead of state-backed funding.

Mamoon Hamid, a founding partner of San Francisco venture capital firm Social & Capital, said that relying on government-backed venture capital funds “can send the wrong signal to a subsequent investor.’’

Hamid said “It’s self-selection that’s going to happen where the best entrepreneurs will shun that and the mediocre ones will say ‘this...

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