Come on, this is perfectly ok:
The technology was of interest to a number of acquirers, including Zappos.com which tried to buy it, and Kumar rounded up a group of angels for its first funding–a $500,000 angel round in August/September 2009.
The only problem—another start-up, Like.com, was doing something similar. Modista’s technology was better, according to Kumar….. But Like.com had a patent on product applications of computer vision. Like.com, which was well-funded with $47 million in venture backing, filed a lawsuit against Modista the day before its funding was going to close. (Like.com was later acquired by Google in August 2010, showing the value of the idea.)…The lawsuit caused investors including Kumar to drop out, for fear of dealing with an expensive lawsuit that could cost more than they had even planned to invest. Because Modista had no money to defend the suit in court, the company later shut down.
So where is the news here? Companies are built to win, not to be nice.
Related articles
- The investment that didn’t happen (k9ventures.com)
- The Story Of The Greatest Shopping Technology That Never Was (businessinsider.com)
May 26, 2011
We are Hiring!
Kfir Pravda Media 0 Comments
We are looking for a Digital Marketing Project Manager.
Job description:
1. Manage ongoing digital marketing activities with international and local clients
2. Find and manage suppliers and vendors
3. Work internally with development, creative and content professionals
4. Support sales and business development processes
We are located in Tel Aviv, Ramat Hachayal
Full time position
Our Ideal Candidate:
You have a strong passion for media, marketing, and getting others excited. You are a hard working self starter and motivated individual, who get things done. You solve problems, and are considered an out of the box and creative thinker.
You should also have experience in working with clients in Israel and abroad and with a variety of vendors and service providers.
We are a B2B/B2C digital agency, with publicly traded international clients. We believe that the relations between brands, companies and customers are changing fundamentally, and there is a need for a new breed of marketeers that understand different platforms, know how to integrate them, and how to create value to for customers and brands/companies alike.
If we work together, you will create and execute multi-platform digital and real life projects that challenge traditional advertising and PR industry.
Please send your CV to jobs@pravdam.com