• By Paul Boutin
    Oct 17, 2008 2:40 PM 1,451
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    #sequoiacapital

    You're Fired, Er, No You're Not

    Internet blowhard's bailout plan worst economic idea ever

    Why venture capital won't save your job
    read more: #meltdowns, #sequoiacapital, #searchme, #search, #layoffs, #valleywag

    SearchMe lays off 20 percent

    "Visual search engine" company SearchMe had, according to CrunchBase, 52 employees and $43.6 million in funding, led by Sequoia Capital. Just two weeks ago, TechCrunch ranked the company No. 76 in "Startups Best Positioned To Weather A Downturn." But VentureBeat confirms the company has fired 20 percent of its staff. Using the ad-hoc Sequoia formula, "you need a year of cash and a revenue model," here's my guess: Too much spending. And it doesn't help that the first demo I clicked on the site's front door broke Firefox.


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