Venture Capital

by Mike Masnick Not There Any More

from the changes... dept

When first launched, it didn't make much sense. They seemed to be recreating about a hundred other (failed) online virtual worlds, with the weird business model based on the idea that people would pay extra in the virtual world to own a pair of virtual Levi's jeans. At least in other virtual worlds, people pay for things that seem useful to the game itself, and not just for fashion. Eight months after they launched apparently things weren't looking so great, so they launched again. Still, it's looking like there hasn't been much "there" behind However, they're now trying to adjust. I noted in the past that the "There Inc." name was something of a liability, since people would spend too much time needing to explain the name, and it seems they agree. The company has raised a new round of venture funding, changed their name, changed CEOs and changed their business model. The company once known as There is no longer there, but is now Forterra Systems. The CEO is gone. The company no longer heavily promoting the virtual There world (though, it is still there), but instead, talking about selling their virtual world creating platform software to others for building games and teaching systems. In fact, they also announced a deal with the US Army to use Forterra's software for simulation purposes. Why not just send them into and let them buy virtual howitzers?

Reader Comments (rss)

(Flattened / Threaded)

  1. identicon
    Anonymous Coward, Aug 24th, 2004 @ 2:18pm

    or virtual islands

    70 000 US$ > The value of virtual house sales since November 2003

    40 700 000 US$ -> Total economy turnover since January 2004

    reply to this | link to this | view in thread ]

  2. identicon
    bbay, Aug 24th, 2004 @ 9:21pm

    no there there

    There blows.

    SecondLife has 10 times the there than There ever did.

    reply to this | link to this | view in thread ]

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