From "For local tech startups, timing, luck are everything" in this morning's Post-Gazette:
In the risk-averse, post-bubble tech world, ClearSpring and BitArmor are a success story.
They are among the increasingly small number of infant firms that have managed to rope in investment dollars without products, customers or proven track record, tech observers said.
It's a feat that is considered by many in the local industry to be even more difficult, given Pittsburgh's deep-pocketed, yet conservative investing community, steeped in corporate culture and perceived to be wary of new ideas.
Exactly why should it be a good thing that any startup can get funded without products, customers, or a track record? If local investors don't want to put money in that sort of thing, that doesn't sound like irrational risk-aversion; it sounds like good business sense.