July 18, 2008
High flying Podtech.net sells out on the cheap
Podtech may be a perfect textbook example of how to lose $78 million quickly for the venture capitalist. The much ballyhooed start up was supposed to have become a giant in tech and informational video programming. After sputtering along and never finding an audience, Podtech has been sold for les than $500K to the holding company Viewpartner.
What happened? A quick scan of Podtech reveals a complete lack of compelling content.
A few years ago, PodTech was a high-flying Silicon Valley web startup. First it offered podcasts, then video and a video player — and was aiming to become a video content network, that also provided advertising services to other video creators. It hired some big names in the technology media world, including Microsoft blogger Robert Scoble in January of 2006.
It raised $5.5 million in a venture round of funding from US Venture Partners and Venrock that year, then raised another $2 million from the same investors in 2007.
But the bloodletting started last summer. The investors, from my understanding, were looking to make PodTech more of a blog network, and didn’t see eye to eye with early employees on what, exactly, the company intended to be.
Top employees started to leave. One of the first out was Jeremiah Owyang, an online marketing expert who went to join Forrester as an analyst last August.
Then founder John Furrier left his job as chief executive of the company, last August. Scoble left late last year.
Furrier stayed on the board until he left that, too, several months ago, a source says.
Yesterday, a tipster told Valleywag that the company may have stopped paying employees after a “reorg” and was basically “in hock” to its investors. From what I’ve learned, at least the latter was true. (Venturebeat)
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As we continue our death of pulp coverage, former newspaper writer and current tech pundit 














