This case concerns the development of WorldSpace, a direct-to-receiver satellite audio system that aimed to deliver information and entertainment to the population of developing nations. WorldSpace's founder was seeking investment and strategic support from Syndicated Communications (Syncom), a venture capital fund that targeted early-stage media and communications opportunities in underserved markets, primarily those consisting of or catering to minorities. The scope and magnitude of the WorldSpace opportunity was audacious, and its probability of returns and growth potential very attractive, but investing in WorldSpace would mean a tremendous risk for Syncom.