Entrepreneur Research Paper

2749 WordsMay 26, 201311 Pages
Entrepreneur Research Paper SBE 310 02/24/2013 Entrepreneur Research Paper The term Web 2.0 was coined in 1999 to describe web sites that use technology beyond the static pages of earlier web sites. (O’Reilly, 2009). A Web 2.0 site may allow users to interact and collaborate with each other in a social media dialogue as creators of user-generated content in a virtual community, in contrast to websites where people are limited to the passive viewing of content. A personal finance Web site based in San Francisco, Wesabe, opened in 2006 and closed in July, 2010. (http://money.cnn.com/2010/10/04/technology/wesabe_vs_mint/index.htm). At its peak, Wesabe was one of the first movers in the Web 2.0 financial space. Its founders, Marc Hedlund and Jason Knight, envisioned a site that would help consumers budget their money and make better spending decisions. The company received two rounds of venture capital financing totaling $4.7 million and signed up 150,000 members in its first year. (Retrieved from http://money.cnn.com/2010/10/04/technology/wesabe_vs_mint/index.htm). Ten months after Wesabe’s introduction, a competitor, Mint.com, appeared. As Mr. Hedlund acknowledges, Mint had a better name and better design and was easier to use. Within nine months, Mint had 300,000 users and $17 million in venture financing. In 2009, Mint was sold to Intuit for $170 million. (Wilkinson, 2012). On May 23, 2008, Wesabe announced the resignation of CEO and co-founder Jason Knight, who left the company due to a family medical situation. Chairman and co-founder Marc Hedlund, who previously served as the company's chief product officer, assumed the role of CEO. "Last month, my family welcomed the birth of our second child. He was diagnosed with a serious respiratory condition that requires ongoing medical attention and constant care," said Knight. "The past several years with

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