[Tribeca daily dispatch by Eugene Hernandez]

Talk with just about anyone in the New York film community and you're bound to hear the same song, "I am overwhelmed by Tribeca." I've even said the same thing many times in the past few days. A festival with countless new films, many with sales reps and/or publicists hyping the movies, is frankly a bit overwhelming. And this year, the event began on the same day that the Cannes Film Festival announced its lineup. Yet, like it or not, while many in the film industry continue to complain that Tribeca doesn't have much to offer in the way of acquisitions prospects, many companies are using the festivals as a way to launch their films at a festival that has proven itself to draw large, supportive crowds that embrace an array of films.

In indieWIRE today, Anthony Kaufman previewed the festival prospects,

While indie film execs still see the event as more of a pre-Cannes nuisance (ever after moving its dates earlier this year to avoid clashing with the French giant), the TFF does offer the opportunity to catch-up on worthy films that have shown already at prior fests. (As one biz insider says, "There's nothing I feel like I have to see.") But Tribeca fest organizers say only about 20-25% of titles are culled from other fests like Toronto, Rotterdam and Berlin.

The festival's commitment to foreign fare can also be seen in the Competition programs, both narrative and documentary, where only about a third of the films hail from the U.S. and the rest come from as far and wide as Bosnia and Herzegovina and Burkino Faso to Switzerland and Syria.

Meanwhile, Tribeca Film Festival co-founder Jane Rosenthal is convinced that this event will evolve into a place for film business. "It's a natural evolvement for any festival to really be in the business," she told Variety's ian Mohr. "Last year, we had about eight pictures picked up. As soon as one pops, it will become a market."

Indeed, if and when a film strikes it big with buyers here in Tribeca, the event could be command even greater respect. Untill then, the festival has become a force that the film community is forced to reckon with.

Cassian Elwes has one film up his sleeve that is going to shake up Tribeca. The L.A. Riot Spectacular. He is no dummy.

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