Business model: Akimbo, which once raised $56 million in funding from sponsors like Cisco Systems and AT&T, launched in 2002 as a hardware-based video-on-demand (VOD) business. The site allowed members (with a subscription service) to pick their programs and download them over a broadband connection, either to a computer or to a TiVo-like box. In a last ditch effort, the company was rebranded in February before being shutdown in May.
Why it failed: Even lots of revenue and sponsorships can't save your company if it isn't properly managed., and if your consumers can't even figure out what it is you do.
