Blockland initiative faces an uphill battle in Northeast Ohio

▤ Summary

So despite the high rate of startup failures across the United States, when word got out that Clevelands Votem Corp. — which has been developing and managing online and mobile voting platforms and applying blockchain technology to them — abruptly laid off effectively its entire staff of about 70 because it couldnt make payroll, observers may speculate how that reflects on the ambitious goals of Blockland. According to research firm CB Insights, about 70% of upstart tech companies in the United States fail, many within just 20 months of receiving financing. Tanking is so common that in markets with a high density of tech firms, such as Boston or Silicon Valley, most failures never hit the news. But Votem rightfully garnered attention here because its one of just a couple firms actively engaged in the blockchain space in this market. He said the fact some may not share that viewpoint speaks to the mentality in this market — and illustrates one of the challenges facing the Blockland initiative.

▦ Linked Companies

Votem

$1M to $5M