If you're willing to ignore the existence of institutionalized prejudice and hustle, you might be the recipient of some cold cash from dot-com millionaire Jason Calacanis' impending investment firm. Let's hope he picks young startups better than he picks poker hands.

The existence of the endeavor—LAUNCH Fund—was revealed via SEC documentation made public today, though it has yet to officially form. Calacanis loves to talkand talk, and talk, and talk—but he hasn't shown much in the way of... business savvy since his early success with Weblogs Inc. His latest site, Mahalo, has never taken off. If he can find some go-getters unfettered by their race or gender, Jason might be able to gain himself some new momentum. [SEC via Dan Primack]