Harrowing tale that is unraveling as a result of Bootup Labs in Vancouver cutting 4 of the 7 companies that they initially said they would finance.
Bootup Labs Blog post – their explanation
Jamie Martin Blog post – one of the cut participants tale
Comments on Hacker News – forum comments
TechCrunch post – unbiased account with comments
I feel for the participants that were cut from the program and I feel for the management of Bootup Labs. It is never easy running a company that is underfunded with cash flow dependent on successful past participants exit strategy or from investors.
The whole situation makes me feel a little sick on the inside.