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Richard Wolpert is the head of the Mail Room Fund, a new venture fund backed by William Morris, Accel Partners, Venrock, and AT&T. Wolpert is well known for his work as Chief Strategy Officer for RealNetworks, as president of Disney Online, as well as for his angel investments. We sat down for breakfast a few days ago to chat with Richard about the new fund, his angel investments, and what he sees as the promise of Los Angeles. Richard Wolpert: We started the fund about two months ago, called the Mail Room Fund. That's sort of an LA play on the garage, if you will. In Silicon Valley, everything gets started in the garage--in LA, and although we're not specifically focused on entertainment, a lot of famous people got started in the mail room. So, David Geffen got started in the mail room, Barry Diller started in the mail room, William Morris specifically. So it's the Mail Room fund, and it's partnered with AT&T, Accel, Venrock, and William Morris. The idea is to specifically invest in companies in LA, that are in the broad Internet consumer space. So there's a little bit of an assumption that since William Morris is involved, we're just working with entertainment companies, and just looking at content, but it's actually the contrary. We're looking broadly at Internet consumer plays and services, and technologies that support those plays. Our ideal investment per deal is about a million dollars. And, we're looking for earlier stage things, things that have not or are not to the Series A stage yet. We're off and running. What's your ideal investment--what do you want to see in a company, how far along do you want them to be? Richard Wolpert: If I could answer that question with just 20 words, I'd be smarter than I am. But, I'll give you some guidelines. In terms of the entrepreneur, the most ideal is someone who has had a successful exit. My first company, I got funding, and hadn't had a successful exit. So, that's not a requirement for us, but if you've got value out of a successful exit, the odds that you know wha

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