Thank you TechCrunch for the dismal miserable news about another venture capital funded business, Akimbo, headed down the toilet.
Akimbo raised $56million to compete in the digital media space, apparently without much success.
If those Venture Capitalists (the same ones that don’t fund any of my businesses because they’re not “sexy enough” – since when has 11 years of growing revenues and profitability not been “sexy?”), had just doled out 560 “little” investments of $100,000 t0 560 members of our Soap Queen community, they would have had a much better return on their investment.
Despite owning the majority of businesses in the US, women entrepreneurs received only a whopping 4.6% of available Venture Capital funding between 1997 and 2004 (Center for Women’s Business Research).
When do you think VC’s will learn that going after the flashy, “huge potential for growth!”, isn’t always where it’s at? That reminds me of a little story about a tortoise and a hare …
