The MTA model:  We first use local money to de-risk the company.  We confirm market demand and secure an alpha user / beta customer.  We understand our desired markets are not local.  Once we have early traction in a desired market, we pursue co-investment with local angels.  Our belief is that networks are exceptionally important, and the pursuit of smart money in desired markets provides our companies the best opportunity to gain a solid foot hold and thrive.