Laughing All The Way To The Bank
from the ah,-the-small-deals dept
Remember when the big stories were about 21 year old CEOs having their companies bought out for $500 million? These days, it’s big news if their company was bought for $500,000. That’s what happened to the four college friends who started Justatip.com. It’s a jokey website that allows people to send anonymous humorous “tips” to people. The guys started it for fun, and then traffic took off, so they sold the site to a direct marketing firm (who wanted to capture info on the “young” demographic the site catered to) for $100,000 for each of them, plus some residual revenue and “consulting fees”. Sure, it’s not allowing them to retire, but at least they’re not another idiotic idea that had to shut down because they burned through all their venture capital cash. Besides, wouldn’t it be nice to be in college and have an extra $100k or so in the bank?