Ringside Networks was a very cool company - one of the best new open-source companies, as I wrote earlier this year. The company had a dream similar to Ning's - to make social networking-type applications an integral part of a wide array of websites and enterprises.
Why? How could a company flush with some of the best venture money in the business - Matrix Partners - go under even before it really had a chance to sell into a welcoming market? Bob Bickel, Ringside's co-founder, explains:
We were ready for our Series A round of funding, and in late May we received a number of term sheet offers from the very best VC firms. As we were about to finalize our funding, one of the biggest non-evil Internet companies asked if we would have interest in being acquired instead. After a lot of thought and debate, we decided that the larger company would enable us to get our technology to market sooner and with more impact.… Read more