I was reading an article this morning about Mayor Cory Booker and his internet start up company. Several very influential people invested in his start up, and since I am interested in the internet, I kept reading the article and links from the article. I was hoping to read some tips and learn something. As I read, I came across a stunning statistic (see below) that the internet site started in 09, and after substantial investments by Oprah and others, only got 2,207 visitors a MONTH (June 2010.)
Here is what you need to watch: the startup is NOT doing well and is for sale. Be suspicious if it attracts a big price. It is owned by a candidate for US Senate and a big purchase price might (I said MIGHT, not certain) suggest an effort to try to influence him should he be elected.
“…[Mayor Cory] Booker personally has obtained money for the start-up, called Waywire, from influential investors, including Eric E. Schmidt, Google’s executive chairman. A year after its debut, Waywire has already endured a round of layoffs and had just 2,207 visitors in June , according to Compete, a Web-tracking service. The company says it is still under development…
Waywire has also provided jobs for associates of Mr. Booker: the son of a top campaign supporter and his social media consultant, who is now on his Senate campaign staff.
The company has a goal: making it easy to “collect, curate and share” videos from across the Web. But much about its operations and Mr. Booker’s role as chairman appears ill defined.
Mr. Booker declined to answer questions about the details of Waywire’s finances, including what percentage of the company he currently owns. A spokesman said Mr. Booker had invested some of his own money in the company but refused to say how much….” (NY Times, Aug 13, 2013; click here )