Just how bad ass of an entrepreneur are you? Will you kick your friends and co-founders to the curb when the time comes? When the money is about to roll in, will you put the rub on your original startup buddies? Should we all be watching our back now before things get too hot?
According to Yves Doucet, former Vice President and partner in Spielo, a Moncton-based VLT producer, he was stabbed in the back by his partner, John Manship, when their company we on the brink of going from $5 a share to $100.
Yves and another colleague are now launching a lawsuit for just over $5million that they say they are owed, and another $10 million is losses. The story has been covered a bit by the CBC and TimesTranscript.
Spielo was, in 1991, just a small startup based in New Brunswick fighting for 60-machine contracts, run by a couple of guys who were dreaming of the big time. The Big Time came when the company was sold to GTech for $180million. In the end though, something went wrong.
It is impossible to know what really happened, and the court hasn’t made a ruling yet, but the question for me is: How can something so good go so bad?
What is it about the East Coast.
If you want another, even messier story, look up what is going on with Advanced Glazing Limited in Sydney, NS (try the Cape Breton Post). They had a nice round of VC a year an a bit ago. Earlier this year, the board asked for the reservation of the CEO and founder.
So far, most of the press story has been from the founder who is now suing the board and investors. There are always at least two sides to a story like this and I have to wonder what else is going on.
Raising good tech venture investments in Atlantic Canada is about as much harder as it is in Toronto vs. the Valley for a whole bunch reasons. Stories like this sure do not increase the attractiveness of the ventures in the region.
John
What is it about the East Coast.
If you want another, even messier story, look up what is going on with Advanced Glazing Limited in Sydney, NS (try the Cape Breton Post). They had a nice round of VC a year an a bit ago. Earlier this year, the board asked for the reservation of the CEO and founder.
So far, most of the press story has been from the founder who is now suing the board and investors. There are always at least two sides to a story like this and I have to wonder what else is going on.
Raising good tech venture investments in Atlantic Canada is about as much harder as it is in Toronto vs. the Valley for a whole bunch reasons. Stories like this sure do not increase the attractiveness of the ventures in the region.
John
It’s late: reservation –> resignation
It’s late: reservation –> resignation
Sadly it sounds like it’s as simple as greed that is behind this. Far too many people value money well above friendship and loyalty. It seems to be worse in regions of Canada were money or decent work is really hard to come by. Of course it could be it is just more newsworthy in those regions.
Sadly it sounds like it’s as simple as greed that is behind this. Far too many people value money well above friendship and loyalty. It seems to be worse in regions of Canada were money or decent work is really hard to come by. Of course it could be it is just more newsworthy in those regions.
Trial start on Monday November 17, 2008 FYI, Manship takes the stand soon after I believe on 21st, I can keep you posted since I am following quite close
Trial start on Monday November 17, 2008 FYI, Manship takes the stand soon after I believe on 21st, I can keep you posted since I am following quite close
Trial start on Monday November 17, 2008 FYI, Manship takes the stand soon after I believe on 21st, I can keep you posted since I am following quite close