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Saturday, January 06, 2007
Web 2.0 photo-sharing startup Bubbleshare has been acquired by content company Kaboose for $2.25 million plus another $750k in potential earn-out.
Why so much reaction to a $3 million acquisition? Likely because it provides encouragement to a lot of small web 2.0 startups, who are avidly cheering each other on because they believe in their central role in the next phase of user engagement online.
In an interview with Mark Evans, the acquiring CEO offers some great advice to Canadian entrepreneurs:
"I think it’s a real shame that Canadians aren’t as active in the new media environment as we could be. Part of the reason is we are too Canadian-focused. People who are working on things are focused on the Canadian audience only, and that is not what the Internet is about. Although Kaboose and Bubbleshare are Canadian companies, we are both developing tools and applications that have universal appeal."
It's always surprised me that in a culture that can look to great companies like RIM, with their global appeal, that some investors and entrepreneurs remain so provincial. By necessity, you need to think globally today. (Even if you do "local"!)
Kaboose received a great writeup in (Rogers-owned) Profit magazine this month, but that particular story is not apparently available in the online edition. Profitmag.com redirects to www.canadianbusiness.com/entrepreneur, if you're scoring at home.
Edit: See the comments on this post for the accurate info regarding the link to the Kaboose feature, and the status of PROFIT within the Rogers Publishing group, generously supplied by Ian Portsmouth, the Editor.
Posted by
Andrew Goodman
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D'oh!
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