Earlier this week BC Business Magazine's Tony Wanless penned an online article titled What We Can Learn from Bootup Labs. In the piece, Wanless succinctly wraps up the local controversy that took the North American startup ecosystem by storm two weeks ago and suggests it is time for all parties to move on.
Fess up when you mess up. Every business blows it at some time or other. As director Danny Robinson knows, the best solution is to confess, correct, and move on.
The fury surrounding Vancouver start-up accelerator Bootup Labs should provide a lesson for all new or existing businesses who discover that their best-laid plans aren't exactly working, which is pretty much every business out there to varying degrees.
Basically, that lesson is that somewhere along the way, something is going to go terribly wrong.
And you have to take it and move on.
For those of you new to the story, here it is in a nutshell.
The co-founders of a Phoenix startup named Statusly moved to Vancouver in January to take funding from seed accelerator Bootup Labs. When Bootup Labs was unable to raise sufficient funds to support the seven new companies from their January 2010 cohort, they were forced to cut four of them including Statusly.
In the process Bootup Labs didn't do a great job communicating what had happened publically and the s#%$ hit the fan when Statusly co-founder Jamie Martin wrote a devastating blog post about his experience in Vancouver.
Well, it looks like the guys behind Statusly have joined Robinson and moved on for good as well. Two weeks ago they listed their Status.ly domain name for sale and this morning it sold for $1,600. Not quite the exit their were hoping for but I guess it was time for them to move on as well.