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Fundable comes to an ugly end

fundable.com

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Re: Fundable comes to an ugly end

#3

Post by reidman »

Pretty one-sided, but I suppose a domain name can only belong to one side of any argument.

For the uninitiated, Fundable was a site where you could input a dollar amount and accept donations towards that 'goal'. If the goal wasn't reached within a certain time period, the money was returned to the individual donors. If the goal was reached, the money was released to whoever initiated the campaign, minus a hefty 7% commission fee.

As far as I could tell (I used it back in 2007 but quickly jumped ship when I realized how rickety it was) it was pretty much a giant Paypal API with bad UX and even worse customer service.

Re: Fundable comes to an ugly end

#4

Post by vaksel » 

   Louis Helm programmed the the payment system.
if this is an indication of their attention to detail, it's probably a good thing they had to close before they lost their user data to some hackers.

Based on what was written, I'd be surprised if both "founders" aren't 18.

edit: googled, and found some photos(Pratt looks to be ~26, while the coder guy does indeed appear to be ~16: http://emilychang.com/e/go/ehub/interview/fundable

Re: Fundable comes to an ugly end

#5

Post by mquander »

vaksel wrote: post #4

Louis Helm programmed the the payment system. if this is an indication of their attention to detail, it's probably a good thing they had to close before they lost their user data to some hackers. Based on what was written, I'd be surprised if both "founders" aren't 18. edit: googled, and found some photos(Pratt looks to be ~26, while the coder guy does indeed appear to be ~16: http://emilychang.com/e/go/ehub/intervie…

> After John Pratt contacted Louis Helm's father, Louis Helm called John Pratt and agreed that his actions were immature.

16 sounds more likely.

Re: Fundable comes to an ugly end

#7

Post by WesleyJohnson »

I'm curious if anyone has experience with something like this or know of other situations where a joint venture was owned 50/50 and one side allegedly decided to take their ball and go home?

Is there legal recourse either side can take to reclaim ownership and move on?

Re: Fundable comes to an ugly end

#9

Post by megaduck »

As my cofounder and I are currently finalizing our own incorporation, I look at Fundable's sad situation and think, "Wow. What if that were us? Is there any way we can avoid ever having that kind of situation with a clever bit of legalese?"

Unfortunately, I suspect the answer is "no". As soon as you give one partner the ability to eject the other (for whatever reason), you open the door for all sorts of abuse. Besides which, if a partner wants to cause chaos and destruction, you're in for supreme nastiness, regardless of the legal situation.

So, at the end of the day, I think the best you can do is choose your business partners carefully, keep things above board, and do the best you can to behave morally and ethically. That way, even if things go to shit, hopefully you'll still be able to walk out with your head held high.

I'm sorry Fundable went out this way. Sounds ugly as hell.

Re: Fundable comes to an ugly end

#10

Post by vaksel »

wheels wrote: post #6

I have to really ask, "Why is this upvoted so much?" There aren't really lessons in here; it's just bitter drama.

people love a train wreck, + it has the lesson of being careful of who to pick for your cofounder, and about giving second chances to people who screw you over.
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