Entellium: Seizing the opportunity .... and running for the exit
Sometimes the tagline or the company motto that sounded so, so great at the late night lounge meeting comes back to haunt you. That was my reaction today as I followed the breaking news about the CRM startup Entellium (or more correctly empty tillium). The New York Times did a good job at following the arrest of former chief executive Paul Johnston and former cfo Parris Jones. Allegedly there was some major book cooking going on although in this digital reporting age it still seems somewhat unbelievable that the books can be cooked without anyone catching on. According to the Times, "In 2006, they reported $3.95 million in revenue, when the actual figure was only $582,000." Now that is strong cooking.
So what is the connection with the tagline that comes back to haunt? The company raised $50 million in venture funding of which $19 million came from Ignition Partners (which has a large Microsoft alumni contingent). The tagline for Ignition is "Helping Entrepreneurs Seize Opportunity " Nuff said.