It’s time to start slamming the reality of the Silicon Valley situation home to everyone. Seesmic founder Loic Le Meur lets seven employees go, he says, which is more than a third of the company. This comes on top of three employees let go a couple of weeks ago.
“We cut everything that wasn’t outsourceable, core or absolutely necessary for the company.”
Le Meur says the company isn’t in dire financial trouble yet, noting he raised a $6 million round just a few months ago. But he’s planning for a bleak fundraising future.
I am an investor in the company.
See all
Post
Seriously. Seesmic does not make sense. First, forget the equation eyeballs = business. Secondly, and this is not personal, but Loic has not been able to start one serious company in France. His successive bet: to sell his companies the first 16 months and bail out. Steven Dole goes too far. Loic is indeed somewhat dishonest in that he lies about his track record.
I am a liberal: failure is an option when you are an entrepreneur. But starting three ou four failed companies does not give you any credentials. Nowhere. Unless you learn from it. Loic has not over the last 10 years.
Facts:
BLL 1997: financed and founded by Antoine Bello and his partner - They HIRED Loic to develop the company. In the process Loic promised stcok options to Jacques Christophe Blouzard ( then CEO of Last minute France) and then screwed him. The company was a web agency. nothing special sold to BBDO for nothing.
Rapidsite: the idea of his wife. Not his. The only company that brought him 15 million USD or so.
Tekora 2001: Failure - Lost 8 million USD of Investors money.
Ublog/ six apart 2004: Failure - Abandoned ship in 2006.
Seemsic: a huge techie BS - No biz model - Nobody would buy it. My friends at Google were once entertained during the last Zeitgeist. They now are past it. They liked Loic. But really disliked his product.
Bottom line: Loic is a great networker, full of energy, charming. But he is not an entrepreneur in that he does not learn from failure, lacks humility and values appearance & schmooze over proper execution. He should rather be a journalist. And he could be good at it.
Loic Le Meur is just your average plain vulgar cunt, no surprise here
Worse even, the man bought a house in San Francisco in August 2007, when the real estate market was at it’s peak. Since then San Francisco real estate prices dropped more than 44,5%:
http://vastgoedbubbel.blogspot.....t-445.html
I wonder how much of Loic’s net worth melted away in the US the last 2 years?