[qi:011] EXCLUSIVE: Mashup maker startup Teqlo has shut down. This less than four months after VC Peter Rip, then of Teqlo investor Leapfrog Ventures, shared the growing pains Teqlo was suffering after realizing that the world didn’t want yet another do-it-yourself application builder.
“Over the next few [weeks] [months] the site will begin to molt,” Rip wrote in a blog posting. “We will shed the mashup cocoon and emerge as a very different butterfly.” And what would that butterfly look like? Web-based workflow, according to Rip.
Then-CEO Jeff Nolan moved on during that transition, saying in his blog that: “Teqlo is a fantastic concept and a potentially very disruptive business but it became clear that it needs more time in the oven in order to further develop and, more importantly, package the service.” Nolan eventually surfaced at NewsGator, a maker of enterprise RSS software.
But Teqlo apparently couldn’t make itself over into a different butterfly, though a few months seems a very short period in which to do so. By then Rip moved on to Crosslink Capital.
Teqlo’s demise comes on the heels of VC firm Kleiner Perkins’ declaration that they won’t fund any more web 2.0 startups. But is it another indication that the web 2.0 bubble is slowly leaking air? Maybe, maybe not. Even in the best of times, many companies fail to find a match between what they’ve built and what customers want to buy.
Jacoby Thwaites, founder of Teqlo, has confirmed that the investors had pulled out. Thwaites said, “We had great investors, great people and great technology, but we ran out of time working out what the killer product could be!”