Nearing Bankruptcy, Fruugo Burned Through €40 Million to Generate €100K

Re:Nearing Bankruptcy, Fruugo Burned Through €40 Million to ... by bergie on Monday April 16, 2012 @10:25AM (#3847464)

Much of this comes from two unfortunate facts: Finland is far from any real markets (becoming less important thanks to the net), and there isn't much capital in the country outside of the public sector.

The latter means that the government has to be involved. Bringing in their heavy processes, risk (and therefore, succeess) aversion, and the old boys' network.

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Re:Nearing Bankruptcy, Fruugo Burned Through €40 Million to ... by zeemonkee on Monday April 16, 2012 @10:54AM (#3847588)

What do you think is the best solution to the lack of capital? More Europe-wide VC funding (and networking) perhaps, so we're not so reliant on local funding?

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Re:Nearing Bankruptcy, Fruugo Burned Through €40 Million to ... by bergie on Monday April 16, 2012 @11:04AM (#3847658)

I would stay stop dancing with Tekes (state R&D funding org), and take a flight to Stockholm, Frankfurt, Paris, or London. Capitalize on successes like Rovio and emphasize that in Finland there is lots of mobile dev talent available thanks to MeeGo and Symbian getting ramped down.

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Re:Nearing Bankruptcy, Fruugo Burned Through €40 Million to ... by Roritharr on Monday April 16, 2012 @11:14AM (#3847705)

I live in Frankfurt, it's hard to get venture capital here, fly to Berlin instead.

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