Imlay’s Wind Down Should Be A Call To Action

We all knew this day would come.  Indeed, many of us had heard Sig say it himself over salads at Blue Ridge Grill… “we’re going to be winding down soon…”  The announcement today that John Imlay and Sig Mosley would cease making new tech investments later this year hits us all hard, and deep.  I liken it to beloved characters in our popular culture who decide to retire.  Growing up, we always sat down at the TV in the evening to watch Walter Kronkite give us the news of the day.  My dad would say - “I wonder when ol’ Walter will hang it up”.  That day came and it was sad.  The end of an era.  John Madden, David Brinkley, Johnny Carson.  OK, I know.  I’m getting a little dramatic.  But on a local level, Imlay and Mosley were guys that evoked that kind of emotion - you knew there would come a day when they stopped doing what they’ve done so well for so long.  You just hoped today wouldn’t be that day.

But, alas, that day has come.  It’s time to reminisce and appreciate, but it’s also time for a call to action.  Let’s reminisce first.  I have had the privilege of working with Sig many times over the past several years.  Sig has looked at (and done) more deals than any other early stage investor I know.  He’s thoughtful and honest, takes nothing for granted, asks the tough questions, expects entrepreneurs to be gentlemen and ladies, and expects nothing less from those who invest along side him.  I’ve had the privilege of sitting on a board with Sig for a couple of years now.  It’s been one of the highlights of my career.  Not sure how many boards Sig sits on, but when he’s there, it’s as if that’s the only board seat he has.  He’s read the material… a couple of times.  Nothing gets past him.  He expects accountability and accepts nothing less.  He keeps everyone honest.  I have met John Imlay several times, but I have never had the pleasure of working with him.  For me, his legacy comes alive when I talk with Tom Noonan, Chris Klaus, Bill Nussey, all beneficiaries of his leadership.  Their reverence for the man is enough for me.  They are both legends who will be sorely missed.

And so the question that resonates today is - “who will fill the void?”.  My answer is simple - we all can and we all should fill that void.  I sincerely believe John and Sig are irreplaceable.  No single individual or small group can do it.  This will be a collective effort.  People from outside of Atlanta tell me that they feel like Atlanta’s start-up scene is a bit closed, hard to break into.  That, in and of itself, is not good.  But tight knit groups are more capable of coordinating efforts, helping each other, supporting each other’s aspirations, being accountable to one another.  There’s no substitute for the capital necessary to grow early stage businesses.  That’s still a challenge.  But that doesn’t excuse us from stepping up and taking the future of Atlanta’s tech community in our own hands.  I have a strong feeling that John and Sig will be watching… and holding us all accountable.  Let’s not disappoint them.

Stay tuned…