Superb post from the original and irreverent mind on Morten Lund. Lund found and/or invested in over 40 tech startups, among them names like Skype and ZYB. However the newspaper business proved to be Lund’s kryptonite.
In 2006 he founded a free Danish newspaper that quickly grew to be the most widely read paper in Denmark with half a million circulation. Nevertheless, the top spot did not deliver sufficient revenues and despite help from his frends at Draper Fisher Jurvetson, money ran short. To keep the project going Lund commited DKK 105 million in funding for the project (backed by personal guarantees. However, with the collapse of the advertising market the paper lost its life blood and was forced to close in 2008. [colorful description by Lund of the sinking ship can be found here and here]
As a result of the personal guarantees and facing a severe liquidity crisis Lund was forced to declare personal bankruptcy in 2009.
Despite the stress and emotional drain of the government sponsored “re-boot” Lund seems to have re-discovered his mojo and is back at it. Inspiring example of true entrepreneurial spirit! (Oh – and this should be a lesson learned for everyone regarding the net effect of personal guarantees).
Here is the message that he wrote to his fans and devotees:
This picture reflects UPSIDE DOWN TO ME
- and the WORLD IS 100% UPSIDE DOWN WHEN:
The Banks Are Out Of Money,
AIG got 180bio$ in Gov Aid – market cap today 5,3bio$
Im Bankrupt but feel better then ever.
Climate change has made Danish summers AMASING.
The Hedgefunds forgot to HEDGE.
56% of all twitter users follow no one.
Obama came out of NO WHERE because he made a deal with the weapon industry and therefor he can challenge doctors and pharma to on a HEALTHCARE REFORM.
People talk much more to each other during crisis – we suddenly have something in common.
Wireless power seems to be a consumer facing reality soon
I have been thinking lately – (to twitter or blog or video) – I wanted to write a story about how upside down the world is now – how much I have learned from my bankruptcy situation and how my world has changed again. Only for the better. In very short – I’m much better, sharper, ore alert and happier in this situation. I feel like I’m home and I feel richer then ever – since 90% of my friendships showed out to be non related to my wealth – and people still buy into my visions… BASICALLY: I started with NOTHING – and here we go again – Nothing + A Network that beats even the wildest imagination for a dyslectic from suburbia + a bag of experience that NOW consists of things NEARLY NO ONE ELSE ON THE PLANET HAS TRIED.
To entrepreneurs: TIME IS NOW