I originally wrote about Color.com back on April 2nd of this year. This is the firm that scored $41,000,000 in cash without so much as a PowerPoint presentation. If you want to read about what they supposedly were creating, just read the original post. I thought it was a completely stupid idea, and as I was walking by their huge office today, I took a snapshot through the window:
This was in the middle of the day. I guess there are dozens of engineers pulling down six-figure salaries who are either spankin' it to RedTube or hanging out on Reddit in exchange for their direct-deposit paychecks. The $41,000,000 must be getting flushed somewhere.
Anyway, since color.com's first product was a complete bomb, they decided to "re-invent" themselves with an even dumber application. And here is the explanation of what it is:
So………how many times have you been living your life, doing whatever, and thought to yourself, "Oh, how I wish my friends could see what I'm doing right now!" I've been involved in high-tech since 1979, and I could probably count the instances of this happening on one hand. I mean, except for doing a live broadcast from the men's room in order to attain big laffs, I really can't conjure up a time when I'd want to broadcast my life.
The Silicon Valley has been a place of great innovation (duh…….), but there is way, way too much money chasing way, way too much dumb ideas. It's no surprise to me that the ROI in the world of venture capital have been so terrible. For every Google out there, there are 500 Color.coms
I can only imagine this company will eventually evaporate into thin air, along with the $41 million bucks that got pissed away. When we return to an era when a lot of great startups have to duke it out for $100,000 in angel funding, then quality will return again. Apple was started with the $1300 netted from selling a VW bus and a calculator. The fact that Color.com got this much funding for something so mentally retarded speaks volumes about the era in which we live, and this Valley in particular.