Back in the day when Napster was hip and cool (and unprofitable), unlike now when its not cool and not profitable, the big buzzword in Silicon Valley was P2P networking, and all start-ups that had P2P in their game plan, well they got gobs of money. Then a reality check happened…. why bring up bad memories, its been so long! One of those companies that got funded in the go-go days of the Internet 1.0 was Kontiki, which has gone through more makeovers than the number of shirts I change in a day.
Nevertheless, today there is news that it got sold for $62 million to Verisign. That’s good, as long as you ignore the fact that the VCs put in nearly $41 million into the company. Five years to return $21 million. This should be lesson to anyone who is starting/investing in the pretty young things of the Internet. Of the 10-odd calendar companies, how many do you think make it? One or two will get sold to Yahoo or Fox or maybe AOL. What about the rest?