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Yes, there's certainly a range, but typically if you have a year of live trading with the strategy there's some people that will take a flier - assuming the returns are healthy enough. It ends up being about optimization - they want you to tune the strategy over an extended period with real...

Allston, TransMarket Group, Kingstree Trading, Jump Trading, Susquehanna, Wolverine Trading, CTC, DRW, GETCO are some of the biggest. Below is a pretty comprehensive list (some may have imploded and not be around anymore): http://www.traderslog.com/proprietarytradingfirms.htm

I hear you, but I'm just passing along what I've seen in the industry. Right or wrong, owners of trading firms are typically quite reticent to back a new strategy that hasn't been market tested with live data.

Unfortunately, no. Most places are going to want to see your strategy traded in live markets before they'll consider talking to you. If possible, try to scale it back and trade smaller to get some real results people can sink their teeth into.

JED is run by a guy who used to be a principal at Allston, so he definitely knows what he's doing. They are a (mostly) algo shop with proprietary software.