Tell HN: Zirtual just announced it is ceasing all operations | Hacker News Reader

Tell HN: Zirtual just announced it is ceasing all operations

15 pointsjedwhite5 comments

Just received this email:

Dear Zirtual Clients,

It is with an incredibly heavy heart that I have to send this message. As of today, August 10th 2015, Zirtual is pausing all operations.

Due to a combination of market circumstances and financial constraints we must re-organize our current structure if we are to successfully serve you in the future.

I realize this news comes incredibly fast and I am truly sorry for the Z-shaped hole this will leave in your lives and business.

We know that many of you care deeply about your Zirtual Assistants. If you would like to connect with your assistant independently, please reach out to: questions@zirtual.com.

Thank you from the very bottom of my heart for the support you’ve shown Zirtual and my deepest apologies for the speed and inconvenience of this announcement. We will communicate further updates as soon as we have them.

Best,

Maren, Erik, Collin + the Zirtual Team

Maren Kate Donovan

This can't be real!

She was just on 'This Week in Startups' (TWIST) and Jason was drooling at Zirtual's $11m run rate after only couple of years. (Jason Calacanis is an investor)

Was she lying throughout the interview? Is Silicon Valley built on engineered/bought hype and no real substance?

source: https://youtu.be/Tq_dMxsWe48

This is expected in markets like the one we're in today. Too much money is chasing too few opportunities. Angel investors are everywhere, and party rounds of a dozen-plus investors are common. In many early-stage financings, particularly the party rounds, a lack of reasonable due diligence is the rule, not the exception.

This creates an environment in which you have a good number of ambitious people becoming founders and raising capital even though they don't have the experience or ability to run a real business.

Markets like the one we're in can be frustrating because there's so much chaff you have to filter through, but that doesn't mean the entire market is based on engineered hype.

See also the earlier discussion here: https://news.ycombinator.com/item?id=10033517

I was going to sign up this week! What strange timing :(

Bit pricy I guess compared to offshore?

Reply on news.ycombinator.com