AdReady cuts jobs, tries to extend cash |
Follow the ups and downs of a new Seattle startup in a series of behind-the-scenes posts by its founders.
Today On Techflash
- Shares of drugstore.com rise after results
- Rhapsody going independent
- Microsoft unimpressed with Google Buzz
- WGA 'spyware' suit vs. Microsoft dropped
- Paul Allen's Brangelina moment
- LiquidPlanner hire, Paul Allen and more
- Tell us your sales horror stories
- Calbucci to sell Twitter list service
- A color screen for the next Kindle?
- Intelius co-founder released
Tech Events
Mass High Tech
AdReady cuts jobs, tries to extend cash
Seattle online advertising startup AdReady has trimmed its workforce of 40 employees over the past week in an effort to extend its cash runway until 2010.
"We don't want to be raising money in '09 and that is really the idea behind this," said Chief Executive Aaron Finn. He added that the company had one of its best months ever during October, posting double digit increases in sales.
"It is the hardest thing to do to change the company when you are having the highest sales growth you've had," he said.
A tipster tells TechFlash that about 25 percent of the staff lost jobs, though AdReady Chief Executive Aaron Finn said the actual number is "south" of that figure.
Finn declined to say how many people were let go, though he said staffing levels will most likely return to the 40 person level by the end of the year. AdReady currently has about five open positions in marketing and sales.
Backed with $12 million from Khosla Ventures, Madrona Venture Group and others, AdReady's platform helps car dealers, retailers and others create and promote online display advertising campaigns. Tools also help AdReady's customers measure the performance of the online ads.
Though AdReady has won key customers with The New York Times, MSNBC and other online media players, it faces additional competition in the market for "self service" display advertisements from Google. Last month, the search giant introduced a product that is nearly identical to the one offered by AdReady.
AdReady is the latest company in the Madrona portfolio to cut staffing, following other startups such as Redfin, Mercent, Avelle and Intrepid Learning.
About John Cook
John Cook is co-founder and executive editor of TechFlash. He has been covering the technology beat for nearly a decade, writing about startups, entrepreneurs and venture capital, most recently serving as a reporter/blogger at the Seattle Post-Intelligencer.
READ FULL BIOGRAPHYRecent Sponsor Posts
Seattle Repertory Theatre presents Glengarry Glen Ross Feb 5th to Feb 28th
One of the largest and most renowned regional theatres in the country, Seattle Repertory Theatre produces a mix of celebrated classics, recent Broadway hits and cutting-edge new works in two theatre spaces. Now playing David Mamet's American classic Glengarry Glen Ross through February 28. Join us for Sales Rep Industry night February 11 with the Puget Sound Business Journal. For details click here.
Join the Microsoft WebsiteSpark program and get software, support and visibility – at no upfront cost. You’ll benefit from fast and easy access to current Microsoft development tools, platform technology and server products including Visual Studio, Expression Studio, Silverlight, Windows Web Server 2008 and SQL Server 2008 Web.
Seattle-based Adhost is a WebsiteSpark hosting partner providing dedicated servers with free Windows Web Server 2008 and SQL Server 2008 licensing for three years to Web developers enrolled in WebsiteSpark. Servers are located in our secure data center with SAS 70 Type II certification, 24x7 technical support and 24x7 client access.
WTIA 15th Annual Industry Achievement Awards
Held on March 4th at the Showbox SODO, this casual event celebrates and recognizes some of the best emerging and established companies in the Washington Tech Industry. The evening will feature a finalist company technology showcase and a variety of coffee, chocolate, and wine samples from local companies. More than 800 attendees are expected to be present at the celebration. Public online voting for Technology Leader of Tomorrow Scholarships will open February 3rd on the WTIA site.
We congratulate the 2010 finalists and look forward to unveiling the winners on March 4th. REGISTER NOW!
From the trenches
Job Listings
- Registered Health Information Technician (Forms & Records Analyst 2)
- State of Washington Department of Corrections
- Principal SDE - Project Natal - Gameplay Engineering - 711621
- Microsoft Corporation
- Senior Web Analyst - 705536
- Microsoft Corporation
- Telecommunications Consultant (I)
- Sparling Electrical & Technology Consulting
- Senior SDET - 706910
- Microsoft Corporation
