Thursday, April 22, 2010

Bootup Labs...Oops

Funding Is a Necessity



Bootup labs (bootuplabs.com) is a Vancouver based company "designed to help entrepreneurs build tech startups...from a concept to company." There is huge risk associated with startup companies and having someone get you on the right track is much better than trying to do it alone....right?

Bootup went through a recent funding crisis and had to make the decision between spreading the funds to all 7 companies in their portfolio or reducing their portfolio to 3 and fully fund those. They decided to cut their portfolio which is a tough decision, compounded by their eagerness to help too many people without money at hand. Bootup didnt listen to their clients, see the signs of funding trouble, and attempted to cover up their portfolio decision.

I made mistakes. I was wrong. Lessons Learned.

This goes to show that even established companies can be over ambitious leading to catastrophe which takes a hit on your reputation. It is disappointing that this led to other people suffering due to Bootup labs mistakes.

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