Again, all of this was happening during the worst economic conditions the U.S. had seen since 1929. We were still battling it out with Warner and EMI on a corporate level. Eventually, our lead investor left as he was overexposed on the Indian BSE as it was down by about 80%. Sony, along with our other suitors, walked to the sidelines to wait like vultures. As valuation along with thousands of other private and public companies continued to drop, I decided to wind down SeeqPod and allow the assets to be acquired.
I took a quick breather and then decided to found another start-up, Mimvi, but in the worst of economic times. Sometimes there is a lot of opportunity in doing this, sort of a "blood in the streets" for start-upville. Having a good amount of the knowledge related to the Markets, I knew one thing: Most public companies would have a chance to recover their valuations, while most private companies would have turn to dust based on Venture Capital principles.
Mimvi was unique because it was essentially a public start-up via an alternative IPO on the OTC and we had our stakes in the ground in one of the most valuable spaces a company could be, in the mobile app ecosystem tied to our knowledge of Search and Discovery along with the revenue generating power Google had proved for search engines. Having a good understanding of how the Markets work in terms of my experience with developing algorithms for market data, I knew one of the most important things was to maintain a reasonably low float, 5 million. As time went on, I took on a few bad partners/funders who made promises but never came through. It was like taking off from the runway and having someone say I'll meet at 20,000 feet with the fuel you need. This never happened, they were never there and my team was at 20,000 feet in the air on fumes with no fuel. I knew from my SeeqPod days how to tough it out. It takes a great team.
While the economy was repairing itself, I did all I could to keep the