Gigaom shut down last week. Gigaom was a fairly innovative “new wave” media company aimed at technology markets, trying to build something big on the back of subscriptions, events and paid-for research reports. To fund itself Gigaom raised $22 million over nine years.
Om Malik, founder, said last year after it raised its last round, “In 2008, our company decided that we would not pray at the altar of pageviews and advertising metrics that do nothing but devalue our reader’s time and attention.” Instead, Om and Gigaom apparently prayed at the altar of venture capitalists.
We all pray at the altar of something. Some pray to the ad gods, others prostrate at the feet of lenders or VCs. Even those without funding still need funding. It just comes from customers instead. I know I’ve spent many a sleepless night praying for a few more paying customers.