JONATHAN Steinberg’s Individual Investor still hasn’t convinced venture capitalists to fork over the $6 million cash infusion his magazine needs to stay in business.
So it was interesting to see that the July issue of the magazine edited by Maria Bartiromo’s husband has this cover line: “So, You Want to Be a Venture Capitalist?”
The image with the piece is of a safari hunter parting the underbrush to peer at prey off in the distance.
Steinberg, son of noted Wall Street financier Saul Steinberg, better hope that hunter isn’t about to see a dead Individual Investor, belly-up for lack of funds.
In the past, Steinberg could count on his father to provide cash infusions to fuel his magazine, which competes against Time Inc.’s Money and Dow Jones’ Smart Money.
But that’s less likely to happen this time, since papa has fallen on hard times.
In its cover story, Individual Investor explains how to become a venture capitalist for as little as $25,000.
At that rate, Individual Investor would have to find 240 venture capitalists to save it from certain death.
“We’ve made great progress with record newsstand sales, record circulation and growing numbers of users at our online site,” said David Allen, chief financial officer of Individual Investor Group. “We are in discussions with a strategic partner, namely an organization that is in a similar business, for a $6 million investment. Our plan is not to go out of business.”