Happy new year everyone. I will continue my policy of blogging only when I absolutely have something to say and this is one of those times. I saw this article in Yahoo and I wish more people especially people in business read this article or at least the part of it that I am going to devote this short post to. Believe me this is worth every second of the 3 minutes of your life you are about to share with me.
The article is on Six companies companies that did not survive 2010 and one of the companies there really caught my attention as a domainer. Since I am a domainer and do not want to be accused of embelishing the article, I am going to do a long quote instead of putting this juicy story in my own words.
Eliene Zimmerman of The New York Time writes about Wesabe a personal finance Web site based in San Fransicico;
” Wesabe opened in 2006 and closed in July.
AT ITS PEAK Wesabe was one of the first movers in the Web 2.0 financial space. Its founders, Mr. Hedlund and Jason Knight, envisioned a site that would help consumers budget their money and make better spending decisions. The company received two rounds of venture capital financing totaling $4.7 million and signed up 150,000 members in its first year.
WHAT WENT WRONG Ten months after Wesabe’s introduction, a competitor, Mint.com, appeared. As Mr. Hedlund acknowledges, Mint had a better name and better design and was easier to use. Within nine months, Mint had 300,000 users and $17 million in venture financing. In 2009, Mint was sold to Intuit for $170 million.”
All I can say is what a terrible name Wesabe is. This guy did not have to own Mint.com when he started but he could have at least opted for a better name than Wesabe.