The Chat and Social Networking application on Daum Kakao Mobile (Korea) was purchased at a secret price. Having been offered a $ 100 million bid by Google, the sale and exit of the Safe Path project was not what Dave Morin founder expected when he started work in late 2010.
Sell Start up: Know when is the price?
Dace Morin and girlfriend.
Dave Morin is a former employee at Apple and Facebook, before leaving the company to participate in the design of mobile social networking, Path. The new launch, after 3 weeks Path has been 1.5 million downloads. Three months later, this application continues to thrive. Google has offered to buy the Path for $ 100 million. The giants also agreed to pay Morin $ 25 million over the next four years.
Morin then declined the offer of Google. The technology industry is surprised when Morin refuses to get $ 100 million from a new three-month development. There are rumors that Dustin Moskovitz, co-founder of Facebook and also one of the investors in Path, is planning this app separately.
Moskovitz shared his role when Morin rejected Google’s offer. By the time of 2011, Morin’s rejection of Google proved to be correct, as Path flourished and showed potential for competition with other major social networks.
However, very soon after, when Facebook changed the algorithm, the path was quickly abandoned. Despite many attempts to change, Path failed.
Turned out to reject the $ 100 million that Google offered was not as good as the founders of Path had thought. In today’s many start up environments, paths are not a case in point. Foursquare, for example, also received a $ 100 million offer at the time of its inauguration and declined, slipping off the brakes.
There are also some more wise people. Dan Porter, CEO of OMGPOP, is one example. When his company’s Draw Something game exploded, Zynga offered to buy the company for $ 100 million. Porter quickly agreed. Draw Something quickly disappeared, only Porter is benefiting Zynga’s huge deal.
Of course, you can not blame Morin for refusing Google’s offer. A lot of Start ups have done so. Snapchat CEO Even Spiegel, who declined Facebook’s $ 3 billion acquisition offer, has a big lesson in this. He had stood before the opportunity to sell the company at a very attractive price, but Even refused.
At present, there will probably not be a billion dollars offer for Snapchat anymore, but Even Spiegel does not regret it. “Do something you will not want to sell,” CEO Snapchat shared.
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