The last spinoff from my dot.com days at the now defunct incubator, 12 Entrepreneuring, will be shutting down soon. Over the years I've received shareholder notices, typically when looking to restructure stock for new investors. But today I've just received the dead fish wrapped in the paper of the "NOTICE AND REQUEST FOR WRITTEN CONSENT" sent to the stockholders. Even though I never expected to make any money from what little equity I may have had, the letter was very clear: "...under any reasonable scenario, no amounts will be available for distribution to the Company's Stockholders..."
Here is a little time capsule from sfgate.com
Another grave is being dug in the cemetery of Internet incubators, this one for San Francisco's 12 Entrepreneuring.
12 Entrepreneuring was launched at the height of the tech bubble by two marquee dot-com entrepreneurs, Cnet founder Halsey Minor and Eric Greenberg, who started Web consulting firms Scient and Viant.
The duo raised a total of $130 million and at one point valued their company, which was designed to finance startups, at $750 million. Last week, under investor pressure, Minor told employees that 12 Entrepreneuring would shut its doors after funding only three startups, one of which has already failed.