Conenza cuts staff |
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Mass High Tech
Conenza cuts staff
Conenza, which operates private social networks for corporations such as Accenture, Goldman Sachs and Microsoft, has laid off eight staffers in a move to reach profitability this summer.
"There are positive signs on the horizon, but none of us know how long this is going to last," said Tony Audino, the former venture capitalist at Voyager Capital who founded Conenza in 2006. Calling the layoff a "tough decision," Audino said it was necessary in order to make sure that the startup survived the persistent economic storm.
Even though Conenza's corporate customers have slowed down their buying decisions, Audino was optimistic about the future prospects of the business. The startup has about 45 prospects in the pipeline, large customers who are interested in introducing Conenza's collaboration and communication platform to their employees, partners and alumni.
And Audino said they continue to take market share away from SelectMinds, a New York competitor. Other companies operating in the space include Portland's Jive Software -- which cut a third of its staff last fall -- and to a lesser extent Marc Andreessen's Ning.
Conenza started as an outgrowth of the Microsoft Alumni Network, the private social networking site where former employees of the software giant receive discounts on products and can peruse events and job listings. Conenza still manages that site.
When the Microsoft Alumni Network started, Audino said the site was built on what essentially amounted to a "bubble gum and band-aid platform." Over the years, Conenza has been improving that platform to make it robust and secure for enterprise clients who want to have more control over an internal network.
The company is currently working on a third version of the product, he said.
Audino declined to disclose current staffing levels, but he said they do employ more than 10 people. The startup has raised about $5 million in angel financing.
If the company reaches profitability early this summer, Audino said there's a chance it may go out for a venture round if valuations improve.
But at this point, the former VC said valuations just aren't "very attractive."
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