Edgeio Shutting Down
Mike Arrington just announced that Edgeio, the blog classifieds company nobody ever used, or had any use for, or ever returned any relevant results, has shut down for good. There is no other news about this, as Keith Teare, the CEO, has not updated his blog since September 6th.
I admit that I never thought much of Edgeio’s business idea and I was always surprised that Mike Arrington would be the co-founder of a company that clearly didn’t solve a problem and was never going to be able to compete with the ebays, craigslists, and amazons of this world.
From Mike’s announcement:
The company burned through that money according to plan, meaning they ran out this month. The product roadmap was fulfilled, meaning development lags didn’t hurt the company. But the revenues didn’t come in and user/partner milestones weren’t met. And that meant no one else was going to put more money into the company.
The development was actually anything but complete. Instead,from the beginning, the search on Edgeio hardly returned any useful results (and in the early days, most of the results were spam anyway). Just look at this search for a ‘bike’ in Portland, OR – the bike capital of the US. The result: a DVD about ‘Wild Bikes’ on Amazon – not exactly local content.
Good thing everybody got out in time and ‘only’ $5.000.000 were wasted on this.
Good luck to everybody on the team there with finding a new job!