You might have already heard this SHOCKING NEWS from our friend, Graham @ Entrecard if you are a blogger and use or used Entrecard. In his latest blog post he mentions that he:
….recently met with some VCs over a two month period. We were working out a deal in which they were going to invest a $700,000 “seed round”, which would open a headquarters and allow us to hire 10 employees, with a follow on Series A round of 2 to 5 million six months later. The deal fell apart in the 11th hour, because they lost faith in my ability to execute the plan as the only member of a one person team.
Around the same time, a family emergency occurred that is demanding some time and money, which I don’t have much of right now while running Entrecard…..
I looked at the bidding site and the deal page looks like this: (quite impressive stats)
History: Entrecard has been a great service and popular among the new bloggers to give their blog a initial boost and increase page views.
Concept behind Entrecard is that every blogger places a EC widget on their blog(s) and earn credits for dropping and receiving ECs on/from fellow bloggers’ widgets. Everyone earns these EC credits which they can further use to buy ads (by paying these credits) based on other blogs popularity and demand.
Many similar services like Blogrush, MyBloglog and BlogCatalog came into the market promising bloggers to give more traffic, but seemingly none except Entrecard has been so successful and failed terribly.
Though Graham from Entrecard could have earned good money from this service but somehow it appears that he is making only $2000 per month (way too low). Graham says,
“Nothing is final. I may not end up selling it. I may decide to cancel the auction and chase down the VCs with a second wind. But one thing is certain, something needs to change, and Entrecard needs the resources to get to the next level, and it is unfair to you, the bloggers, to make you the promises I have made of features to come, with no clear plan in sight to get them built.”
May be he needs to find a better way of monetizing the site and the concept or needs to approach some big players like Yahoo!, Google etc.
My best wishes are with Graham, hope he comes out of this crisis and keep doing good with EC.
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