We heard last week that the MyToons site had shut down for good. MyToons, for those who don’t know, was a “social networking” site for animators. A quick search reveals that the company had already laid off most of its staff last January and was floundering.
The TechCrunch article linked above includes some damning allegations against the company’s founders–Dan Kraus, Paul Ford, and Stacey Ford–and alleges that they blew over $6 million of venture capital in just a couple years without ever coming up with anything that remotely resembled a business plan. Citing anonymous staffers, TechCrunch claimed:
Among the allegations put forward by former employees who wish to remain anonymous: grave mismanagement, a complete disinterest from the company’s co-founders to turn MyToons into a revenue-generating business along with more serious accusations that the executives have been misrepresenting the company’s financial and operational status to their investors and moreover wasting VC money on personal purchases like trips to Hawaii, fancy dinners with relatives, home electronics for personal use and so on.