Chris Hughes's Startup Jumo ‘Acquired’ for $0 and a Graceful Exit
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Re: Chris Hughes's Startup Jumo ‘Acquired’ for $0 and a Graceful Exit
#2Hughes has already denied this on Twitter, but really, who knows.
Re: Chris Hughes's Startup Jumo ‘Acquired’ for $0 and a Graceful Exit
#3Legal folks, can a non-profit be acquired for more than $0?
It's a great deal for Good as they get the fruits of $3.5 Million in charity for free, but I'm not sure how they would pay unless the IP was locked up in a for-profit licensing-centric holding company.
Re: Chris Hughes's Startup Jumo ‘Acquired’ for $0 and a Graceful Exit
#4I like the first comment:
There’s no shame in having a failed startup. There is shame in attempting to maintain the facade of success.
Re: Chris Hughes's Startup Jumo ‘Acquired’ for $0 and a Graceful Exit
#5Hughes has already denied this on Twitter, but really, who knows.
As Betabeat wrote on Twitter in response"
"@chrishughes @techmeme @GOOD as we said to you before we published, confirm or deny on the record, and we're happy to report it. You can't decline to comment beforehand, then refuse to go on record after, then point fingers. And we included the statement from your GM in the piece."
If Jumo had a $$$ figure they were proud of, they would share it. But the first comment captures it best. If Hughes understand that failure is a badge of honor in the tech world, and came clean before this news broke, it would be a non-story, and people would respect him for trying to build such a noble start-up.
Re: Chris Hughes's Startup Jumo ‘Acquired’ for $0 and a Graceful Exit
#6Hughes has already denied this on Twitter, but really, who knows.
As Betabeat wrote on Twitter in response" "@chrishughes @techmeme @GOOD as we said to you before we published, confirm or deny on the record, and we're happy to report it. You can't decline to comment beforehand, then refuse to go on record after, then point fingers. And we included the statement from your GM in the piece." If Jumo had a $$$ figure they were proud of, they would share it. But the first comment captur…
Interesting. I actually interviewed with those guys many months ago- there were vague hints of a "troublesome" developer (who, I suspect, I was interviewing to replace) and a rewrite... but hardly out of the ordinary stuff for a startup.
I've still got to respect Hughes for even trying to make a site so noble. But if it failed, yes, it would be good to just admit it.
Re: Chris Hughes's Startup Jumo ‘Acquired’ for $0 and a Graceful Exit
#7Jumo is a non-profit, not a startup. Using the language "acquired" and "exit" doesn't make any sense.
Re: Chris Hughes's Startup Jumo ‘Acquired’ for $0 and a Graceful Exit
#8Legal folks, can a non-profit be acquired for more than $0? It's a great deal for Good as they get the fruits of $3.5 Million in charity for free, but I'm not sure how they would pay unless the IP was locked up in a for-profit licensing-centric holding company.
According to the article, there is no "fruits of $3.5 million", no real IP, no nothing.
Re: Chris Hughes's Startup Jumo ‘Acquired’ for $0 and a Graceful Exit
#9I'm surprised they didn't keep at it... Jumo had been live for what, like less than a year? They were entering the same space as care, change, and idealist. Those sites took YEARS to develop their community base. Not saying things need a timeline but geez....
Re: Chris Hughes's Startup Jumo ‘Acquired’ for $0 and a Graceful Exit
#10I like the first comment: There’s no shame in having a failed startup. There is shame in attempting to maintain the facade of success.
I don't think there is a facade in this case. Usually never that simple.