WEST PARIS, Maine — After two years of fundraising and development, a local man working to create the next big social network says he’s selling off the company.
For Dan Bru, a West Paris graphic designer and collectibles dealer, it wasn’t an easy decision. “I had to really put my ego in check and decide what was going to be the best course of action,” Bru said.
On Friday, he’ll be listing the company on eBay. Bru said he’s keeping 10 percent of the company for himself and 2 percent for his primary investor. His other investors are cashing out. The winner will get 88 percent of the company, along with a business plan, a site map, designs for the website’s layout and the company’s bank account with $10,000.
The West Paris graphic designer said he’s been busy with his new profession as a dealer of antiques and vintage art and collectibles. He hasn’t had time to raise money and develop the website, which would combine Facebook with other social sites like Etsy.com, an arts and crafts marketplace site, job search site Monster.com, auction site eBay and many others.
Bru said he’s hoping the buyer has more resources and better connections with which to get the project up and running. Developing the site was more difficult than he’d expected. “It really opened my eyes to how hard it is to get something like that off the ground.”
The auction will start at $50,000. Bru said that will weed out people who aren’t serious about building Planet My Town into something great.
He’s raised $20,000 for the project and, with help from a shareholder, has laid out a detailed plan for the business. “I thought we were on the right track,” Bru said. However, after an initial period of successful fundraising, the funding dried up.
Without connections, and living in West Paris, Bru said it was getting difficult to raise money. He said his lack of experience in Web development made some potential investors cautious.
“The disappointment gets to be a bit much.”
Last year, a Florida commodities broker offered him $2 million for complete ownership of the concept. Bru turned it down. Now he’s hoping he doesn’t regret that.
“If it comes to market, I’m convinced it has multi-billion dollar potential,” Bru said. A 10 percent share in a successful company could be worth far more than the $2 million he turned down.
“I’m still very optimistic, and I have faith that it’s all going to work out.”
“If it comes to market, I’m convinced it has multi-billion dollar potential”
it won’t come to market…the competition will buy it and shelve it….hence the term “selling out”
if someone had genuinely offered me $2m for a crackpot idea such as this i would’ve taken it.
People told the founders of ebay and facebook that they were crackpot ideas too. Look where they are now.
I agree. Which is why I think it is just a bunch of smoke to make one think it is actually worth that much.
I agree totally because there is no money in antiques and collectables been there and done that there used to be years ago no way to many people doing it
$13.50 final bid
> The winner will get …. the company’s bank account with $10,000.
My final bid will be just over 9000.
“The auction will start at $50,000. Bru said that will weed out people
who aren’t serious about building Planet My Town into something great.
He’s raised $20,000 for the project and, with help from a
shareholder, has laid out a detailed plan for the business. “I thought
we were on the right track,” Bru said. However, after an initial period
of successful fundraising, the funding dried up.”
This sounds like a really great opportunity – “the funding dried up”. He invested 20k and wants 50k and still wants 12% of the company? Be realistic.
What is it? I am always looking to throw a few hundred k at something that will give me a 10,000% ROI. Seriously.
Nice to see some innovation coming from Maine people!
Dude if you want to be taken seriously, look the part – not what looks like a photo of some guy who never grew up and is living in his parents basement..
MAAA, WHERES THE MEATLOAF !!!!!
Haha. That’s awesome
I don’t think you’re asking the right people for help…
“He hasn’t had time to raise money and develop the website”
After reading the story again to try to figure out what the concept is, the above statement jumped out at me. If one really thinks they have a Billion (with a B) dollar potential company then you make time.
The big boys have the billions already and some of the greatest tech science minds on the planet (pun).
Good luck fella.
“If one really thinks they have a Billion (with a B) dollar potential company then you make time.”
This.
There is no doubt that people (mostly aged 14 to 26 ) are looking to replace FB, fueled by parents and law enforcements full integration. Savvy parents already now about teens keeping facebook only as facade and have moved their “real” activities to a new and undisclosed social site.
AS Myspace (remember them?) will gladly tell you having the formula necessary to create the next new thing is a needle in a Katahdin sized hey stack, and they have millions to poke around in there for a while.It is my opinion as an investor, FB ‘s is in grave danger, it will not happen over night but as revenue and value slips, FB will begin to market their face recognition services and enormous data files to retailers and agencies who will integrate that into new marketing and surveillance which will either save it or kill it only time will tell. . If the Broker was so convinced in Mr Bru’s concept earning potential that he would offer a cool two million for it why didn’t he at least invest? 10% of something is better than a 100% of nothing.The inter-webs is the global masterpiece capable of producing accelerated evolution and unimaginable wealth, there is no doubt about that. But this idea here seems to me to be like trappin for lobster in the Kenduskeag stream. I wish him all the luck in the web and will eat my comment on parchment if I am wrong.
Nice wallpaper , dude.
Cracked …. Crazy …..Monsters.
But just one question?
Where’s the Lava Lamp?
How many social networks do we need?
“Last year, a Florida commodities broker offered him $2 million for complete ownership of the concept. Bru turned it down. Now he’s hoping he doesn’t regret that.”
I think this is where two fools met. Him for offering $2M and Bru for turning it down.
Seriously, I hope it turns out well for him, but I don’t think he has an exclusive never-before-seen product.
I sure hope he still has the guys phone number although he probably threw it away after turning down that ridiculous 2M offer!
If it is doing so well he wouldnt need to be selling it. Just saying.
Why is this an article worth printing? Anybody have any idea how many slackers are trying to invent the next big website?
Does he even have any proof that someone offered him 2 million. Couldn’t any of us say the same thing in a phony attempt to garner interest?
should have taken the money and run!
its listed on Ebay right now with a starting bid of $900,000. So far there are 0 bids. I am not surprised.
Let’s hope it doesn’t disgrace Maine like this breaking scandal is: http://www.themainewire.com/2012/10/maine-company-tied-scandal-obama-com/