| Travis Hughes Interactive
| |
> Lalit Saraswat wrote:
> not checking the progress of any project (outsourced, or done by employees) for 6 months is strange... i am surprised that the company outsourcing did not check project status reports for six months. most would insist on daily / weekly reporting.
>
Hi Lalit,
I would go even further and say not checking any project for 6 months is not only strange but downright stupid if not suicidal - it has less to do with India and more to do with stupid management and even stupider VCs (in my opinion). Here is the actual post I made regarding this
company, called Ishoni Networks, back 01/09/04:
http://www.ryze.com/postdisplay.php?messageid=187892&confid=109
A Daring Tale of Silly-Con VCs, "Good Management Team required" and Ishoni Networks
Consider that Ishoni Networks is/was a developer of a chip that combines voice, data and security processors.
Consider that Ishoni Networks raised over $68 million through three rounds of financing.
Consider that Ishoni Networks was funded by VCs such as meVC Draper Fisher Jurvetson Fund I, Brad Peery Capital, Credit Suisse First Boston, Deutsche Banc Alex Brown, PacRim Venture Partners, SinoStar Capital, Bessemer Venture Partners, Information Technology Ventures, INVESCO Private Capital, Lucent Venture Partners and Philips.
Consider that Ishoni Networks Management team was considered very strong by John M. Grillos, chairman, chief executive officer and managing member of the meVC Draper Fisher Jurvetson Fund I who stated, "We believe that Ishoni Networks' strong management team, coupled with key strategic partners and the increasing demand for a more advanced broadband platform, will allow Ishoni to remain a leader in this high-growth market."
Consider that Ishoni Networks was a forward looking company who thought it was a good idea to move all key IP development over to an offshore center in India to save money.
Consider that Ishoni Networks management realized that suddenly the phone calls to the Indian development office weren't being returned early last year but still didn't press the issue until May of that year.
Consider that finally Ishoni Networks' COO, Amin Varis, flew to India unannounced to investigate why no one in the India office would return his calls.
Now consider what Mr. Varis discovered.
Well, hot damn, if he didn't find that the whole office didn't just up and rip off every piece of Ishoni IP, suck the company dry and then jump on over to rival firm, Ample Wave Communications, apparently in a scam to scoop up Ishoni's intellectual assets and then bankrupt it.
If Inktomi means "spider" in a Native American language, I have to believe that Ishoni means "sucker" in Sanskrit.
Way to go Silly-Con Valley VCs - yep, you picked a damn good team who sure knew how to execute, and the company was a sure success because it combined all the key ingredients need - Overfunded, led-by top tier VCs with attracted all the lemming VCs, Offshore development and a product that had it all - VoIP, SOC, Java, etc. Throw in P2P, Social Networking and a Patridge-in-a-Pear-Tree and I'm sure even I would have been enticed to invest.
And in return this "team" did a damn good job providing you with a huge, albeit negative, ROI.
Full story here...
http://www.mercurynews.com/mld/mercurynews/business/7659988.htm
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