Gigaom is winding down and its assets are now controlled by the company’s lenders. It is not how you want the story of a company you founded to end.
Every founder starts on a path — hopeful and optimistic, full of desire to build something that helps change the world for the better, reshape an industry and hopefully become independent, both metaphorically and financially. Business, much like life, is not a movie and not everyone gets to have a story book ending.
There will be time for postmortems, but not today. Today, I want to thank all the people who make (and have helped make) Gigaom. Their role in this journey was what really made it all worth it. They are great people and they will all do great work wherever they go. I want to thank our investors who believed in the business long before it became fashionable. And most importantly, I want to thank you dear readers for coming along on this trip of a lifetime.
I might have left Gigaom, the company, over a year ago, but Gigaom, the idea still lives in my heart.
Pioneering tech blog Gigaom shuts down after running out of money
Gigaom, the influential technology website founded by Om Malik nearly a decade ago, is no more. Although Monday saw a lot of new content on the site, including a flood of news and analysis from Apple's event, the site's management ended the day at 5.57PM PT by posting a message notifying readers that "all operations have ceased" as a result of the company becoming unable to pay its creditors.
"Gigaom is winding down and its assets are now controlled by the company's lenders," said Malik in a statement. "It is not how you want the story of a company you founded to end." Malik left Gigaom just over a year ago to become a partner at True Ventures, a venture capital firm; at that time, he noted that the site had raised more than $8 million in new funding.
"We do not know at this time what the lenders intend to do with the assets or if there will be any future operations using those assets," says Gigaom's management. "The company does not currently intend to file bankruptcy." But however the site eventually winds down its operations, it's a sad day for the technology media industry.