Business Insider just released an update on Clinkle, the 3 year old payments app startup with no product and $30 Million invested by big names, the largest seed round in Valley history!
VCs are supposed to be smart, but how smart a move was it to put megabucks into "just another payments app" run by a 22 year old first time founder, manager, CEO, product guy, etc. The website says he's on a 50 year mission. Seriously? No co-founders; only hired-gun outsiders who quit fast at the signs of trouble. What could go wrong, right? For the icing on the cake, these smart investors never saw the product that was supposed to be built, only a demo video. Duh.
It seems that they are having their share of problems. If reading about how screwed up other companies are will help you see how good you have it, then read it here:
http://www.businessinsider.com/inside-story-of-clinkle-2014-4
And for current real-world commentary and answers about how it is possible to bomb so badly, read more on Quora at http://www.quora.com/search?q=clinkle
My guess is that Clinkle will crumple...
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