VentureBeat is reporting that technology media startup PodTech has been sold to ViewPartner, a “communications technology company” , for less than half a million dollars.
PodTech is perhaps best known for the long tech videos produced by blogger Robert Scoble, who left the company last December to work for Fast Company. He was originally snagged from Microsoft, where he made his name.
The paltry sale price is not much better than a landing in the deadpool, an outcome expected by some since at least last Fall. PodTech’s investors certainly didn’t get a return on their money: $7.5 million raised over two rounds since early 2006.
PodTech was originally founded in May 2005 by John Furrier, who led the company as CEO before leaving last August.
Yay, Steve Gillmor! Congratulations… oh wait…
LOL
negative for vc haaaaaaaaaaaaaaaa
ouch!
Back in ‘06, I had several e-mail conversations with Scoble about joining the PodTech network. Scoble was certainly impressed by my ability to land top talent and I was certain I was finally on my way to making a decent living from my podcasting efforts.
Unfortunately, there was far too much red tape, lack of communication and many other things. Scoble was always planning to ‘get in touch’ and while I believe he had the best intent, I knew early on that there were problems at the company.
Fortunately, there’s still hope for the PodTech brand. It will require a makeover, including introducing fresh and new talent to revive it. At this point, I think I’ll re-open talks with PodTech and see what agreement can be reached to be part of its revival.
What’s your idea of top talent Ronald. Scoble, himself maybe?
No, Jolon. I’ve interviewed executives from Southwest Airlines, Digium, Cisco, Nortel and many other companies. The podcast was simply an extension of something I’ve been doing for 15 years now: Picking the brains of very successful and interesting individuals.
Here’s a sample list of folks I’ve corresponded with or interviewed over the years:
1. Bill Gates
2. Donald Schneider (Chairman and Former President, Schneider National Carriers — $3.1 Billion net worth)
3. J.B. Hunt (Founder and Former Chairman, J.B. Hunt Transport Services, Inc.)
4. Mark Spencer (Founder and CTO, Digium — Develop’s the world’s most popular open source PBX, Asterisk)
5. David Mandelstam (Founder and President, Sangoma)
6. Alec Saunders (Former Microsoft executive — Responsible for launch of Internet Explorer, Windows 95, etc.)
7. Craig Newmark (Founder, Craigslist)
8. Michael McDonald (Grammy winning recording artist and former lead of the Doobie Brothers)
9. Kem (Multi-platinum Universal Records recording artist)
10. Kent Wien (American Airlines pilot and Grandson of aviation pioneer Noel Wien)
11. Linda Rutherford (Southwest Airlines)
12. CMU’s Dr. David Farber (”The Grandfather of the Internet”)
13. David Friend (CEO, Carbonite)
14. Stephen Meer (CTO and Co-Founder, Intrado)
15. Kevin Rose (Founder, Digg.com)
16. Rakesh Mathur, Brad Husick and Beerud Sheth (Co-Founders of Webaroo)
17. Alex Tew (Founder of the Million Dollar homepage)
That’s too much money for the likes of that company… *Sigh*
who were the investors?
It’s not such expensive. maybe for it’s content.
Daaamn. not even a million. the buy was a steal
Whats Pod Tech? Who is Scoble? Wasn’t John Ferrier a interviewer of VC people? Oh yea podcasters.
Wow… so no revenue (or revenue but massive debt). Sad story, given the fantastic people involved.
Unfortunate indeed…. thats a horrible return on investment… or lack there of… they should learn some business fundamentals to grow their business… http://www.readtheanswer.com/index.php?RTA=web2
How much will Fastcompany.tv be sold for?
how much will fastcompany.tv be sold for?
People don’t have enough place in their lives for this product. When you are at work, you want fast answers, you don’t have time to dedicate your ears to a voicemail, let alone your eyes and ears to a video. I guess you could just listen to the audio, when you are driving maybe, or for those who have train commutes. (Seesmic take note). When you are home you might watch video, but for enjoyment. That’s my take. Either that or a lack of execution, on PR/marketing/press, or lack of viral (social network). At least they had the cojones to cut bait.
Someone paid 500K for 100K worth of production equipment, some antiquated voice over guys and poorly produced tech infomercials. Whoever close this deal deserves a medal. I just wonder if they’re going to pay their debts now.
I am not surprised by this news after the board removed John last August, not surprised at all.
Now there is good deal. Buy just about any Mac and get a free itouch or ipod nano. I believe they are doing this since they have the new 3g iphones coming in, but still a good deal anyways.To know more about this please visit http://simplisticthoughts.com/.....echnology/.
The board of directors really really screwed this up. From USVP it’s Paul Mattecuci and from Venrock Eric Copeland then Rich Moran.
To George Athannassov comment above it was one year ago that Mattecuci and Copeland shot the Furrier in the back of the head and fired him abruptly. Then handed 2.5 million in captial to James McCormick and Robert Scoble.
This company was doomed from the start with those VCs.
Outside of the VCs and founders who really got hurt by this company.
Jim Jones, how would you know this?