Do You Want to Know a Secret?

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I hate tech bubbles.

No, that’s not the secret. Everyone knows that. The secret I am referring to is a company named, literally, Secret. And the existence of this company, as well as the easy $6 million its co-founders pocketed when they shuttered the place, is absolutely symptomatic of this bubble-of-bubbles we are living in (the third one of the past fifteen years, incredibly).

I didn’t even know Secret existed, because I’m too old to spend my time worrying about every new little app that comes along that lets teenagers engage in cyber-bullying and exchange  dick pics. It’s just not my cup of tea. But I happened to stumble across this article yesterday, which was headlined:

0430-secret1

Now a startup shutting down isn’t any bigger news than someone finishing a satisfying lunch somewhere, but the “Ferrari” mention intrigued me, so I read further.

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Clinkle is the New Color

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Greetings from Palo Alto. Over three years (and thousands of posts……) ago, I wrote Color and the Mania in This Valley. The thrust of my post was:

+ Color.com had received $41 million to develop an app;
+ The app sucked out loud;
+ The company deserved to fail.

Well, fail it did (as I announced in the 4th post I did about the stupid place), and in those three+ years, the bubble has just continued to inflate. 2014 makes 2011 seem downright sensible. (more…)

Forty-One Million Dollars in Deckchair Rearranging

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Yes, it's my fourth post on the poster child for Silicon Valley VC retard-excess, Color.com

I was reminded of them simply because I was strolling downtown, getting a milkshake for my son, and I thought I'd peek in to see how things were going at the firm which got $41,000,000 in funding without so much as a PowerPoint presentation. Here's the photo I just took:

1012-color

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The Silicon Valley Top

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Late last year, I paid a visit to Josh Brown ("The Reformed Broker") and had a pleasant chat. I went to his blog a week later and put up a comment, shown below, stating my belief that Facebook's IPO day would mark an important turning point in the market.

I forgot all about this, but totally by chance, a few days ago, I re-visited that comment and I saw that someone had put in a snide reply.

0409-valleybubble

Errr, actually, Facebook only goes public one time, so I'm not sure how I could make such a declaration "a lot". It's a specific day, and I do believe that Facebook's IPO will be a seminal event. There's only one Facebook, and it has only one IPO. It's not like there are twenty other Facebook-equivalents waiting behind it, and because of the public's fascination with this offering, I do believe it'll mark a tipping point.

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Color Gets Dumber

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This is my third post I've done about Color.com, the "company" into which mentally-challenged venture capitalists poured $41 million. Good luck on seeing any of that back, fellas.

In my first post, written eleven months ago, I introduced you to the firm and its, errr,  product. In a follow-up post, I wrote about how the company – – which I guess found that no one wanted to use their crappy creation, $41 million in the bank notwithstanding – – repositioned themselves with a product that struck me as even less useful.

So why am I bothering with a third post? Two reasons, I guess. First is that I pass by their headquarters at least several times a week, and although one half of their huge office is completely empty, the other half is covered with butcher paper (for privacy? out of shame? Who knows). So I'm reminded of it.

The other reasons is that it really chafes my hide that I started a successful, profitable company for $3,000 (and sold for millions to the benefit of all our investors) and these kids get an enormous eight-figure check dropped in their laps for something which, in my opinion, is destined to produce a return of approximately negative 100%.

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Update on Color Silliness

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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:

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