Odeo was VC backed wasn't going anywhere for a number of reasons, namely iTunes beating them to the podcast game. It did launch a side project called twttr though, which back then was an SMS focused app. Shortly after Ev bought out the investors in Odeo, spun twttr off to a new company and then sold Odeo which has still never done anything remarkable. Odeo's sale price was something like a million bucks, compared to Twitter's current $4.5b valuation. Talk about identifying and keeping the gems.