Bungee Labs In A Freefall
Summary
Bungee Labs, a well funded Utah based startup that left private beta only six months ago, laid off 15 employees today to give themselves more runway on their cash burn rate. As a start-up, our action yesterday extends our operating plan well into 2010 to more deeply establish Bungee Connect in the marketplace.” The product is somewhat similar to a whole bunch of competitors – platform as a service application development. We’ve mentioned a number of them in our previous posts, including DabbleDB, Zoho Creator, LongJump, Coghead and WyaWorks, among others. When I considered the opportunity of joining Bungee Labs (and by doing so leave a relatively safe harbor in order to do so) I knew of the risks involved. To have been a member of the team tasked with realizing the company’s hugely ambitious mission has been nothing short of an entirely worthwhile and educational pursuit.” Sounds like someone has vested on some stock to me.