Startups are inherently risky propositions for everyone involved. I know this by now but it doesn’t make some things any easier.
As November wore on it became apparent that the economy was not going to snap back in any meaningful way in the near term. Faced with this reality, today at iterasi we took the painful step of reducing our staff. Our reasoning parallels what is being echoed across the industry. We need to conserve our cash, even at the cost of adding features and growing our customer base.
To our users, rest assured that iterasi is on sound financial footing. We raised a funding round that in normal economic conditions would be gone in 2009 as we would be spending to grow. The reductions we made today assure that we can continue on our path – albeit at a slower pace – without having to raise funds in 2009. Hopefully by later in 2009 things will have started to move in the right direction and we will be in a good position to grow with the economy.
To our teammates who are leaving, you will be missed. We were a small team of star performers that made great products in a great company. We are a smaller team now and better off for having had you on our side. I am sure the Portland community will gobble you up quickly. Talent like you guys is hard to find.
pete
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Sorry to hear about this Pete. I know that’s hard news to have to report. I’m glad to hear you’re in a strong position, but I hope your shooting stars will be okay. I wish I was in a position to hire them from you.
A few months ago, I thought that many of us pre-angel companies might be able to take advantage of the situation. With so much talent being laid off, I thought we could help out (read: “steal”) these folks if we can hire them following an angel funding round.
That was when I thought that funding rounds would be coincident with the anticipated economic turnaround. Lately, I’m more worried about that. It looks like we’ve all got a long road ahead.
Good luck!
People always hate to talk about when they are laid off. But as it has become every day’s news headline since Yahoo started it with cutting 1500 of its task force last year, now a need of platform has been in demand where people can express their selves in words how they are feeling about their company, whey the got laid off was that justified or not.
And every thing they want to tell anonymously.And http://www.layoffgossip.com is providing you that platform.
Sorry to hear of lay offs with in your co. It seems so common these days.
No doubt with what you guys offer you will grow even in this bad economy.
Thanks — hho2u.com