12 Year Old Gets $6.5M for Gaming Company 180
Bayscribe writes "A Silicon Valley company co-founded by a 12-year-old has just raised $6.5 million in venture capital. PlaySpan, based in Santa Clara, Calif. says it offers game publishers a technology that lets users make payments and shop for other items. It calls itself the first "publisher-sponsored in-game commerce network." Arjun Mehta, a 6th grader, says on his Web site that he is passionate about software that can make the game experience more "rewarding," and that he started the company last year in his garage. He paid for it from earnings made from selling online game items he won."
It's not really the kid running the company. (Score:5, Insightful)
Apparently the kid isn't an actual co-founder, nor the CEO. It's his father running everything, the kid is just a sensationalist marketing tool.
Really, I highly doubt these kids even know a tiny fraction about the technical aspects of what they're selling or how it's done. They'll get lots of money for sure, and also learn a whole lot along the way, but they're definitely not the brains or management behind the operation at the moment.
Re:bubble 2.0 (Score:5, Insightful)
I'm pretty sure I've seen this before (i.e. Second Life) and no company worth it's salt would have any trouble implementing this themselves.
Micropayments? (Score:3, Insightful)
Let's face it, in a couple of years you'll get a game, say, Tekken where the character only has one costume. You'll then have to download the additional 5 different costumes at $2 a go. They'll do the same with maps and you'll only be able to play online with people who have also bought that map...
After reading the real article (Score:4, Insightful)
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Comment removed (Score:5, Insightful)
Where's the perpective? (Score:5, Insightful)
I have done a little, and no, it's not the kid in a vacuum making these
accomplishments. He's 12 years old and smart, not a super genius born with 142
man years of VC experience. That's not built into the genetic code or injected
in the pop tarts he eats. But his support network does have this VC experience.
You could have achieved similar things as a child, if:
- You lived in Silicon Valley
- Had a support network with VC pitching experience
- Had family with connections to above said group
- Had family that planned for your achievements
I've read gushing stories of young entrepreneurs that seem outlandish or super human
in accomplishment for their age. But, when I dive down into the details, more often than not, I find cases of ready made systems that will not let the child fail.
Stories of a young furniture magnate with 2 warehouses and a booming business, only to find that his father owns 12 warehouses as is accomplished in the furniture business. The media loves portraying these kids in a light of pure achievement with no mention of their contacts, support and guiding but that is dishonest reporting.
I guess it makes for a less interesting story when you see the looming shadow of a father pulling strings for the child like a puppet behind the curtain.
The child seems happy enough with the attention though.
Re:bubble 2.0 (Score:5, Insightful)
These wonder-kids never spring up out of trailer parks where mom and dad flip burgers and the most advanced high-tech device they own is a VCR.
Re:His future plans (Score:2, Insightful)
Both Bill Gates and Steve Jobs dropped out of university. There is a huge difference between doing that and dropping out of school.
Submitting your own articles to Slashdot? (Score:5, Insightful)
Kind of explains a lot, actually.
How very Web 2.0 Bubble...
Well, there goes 5 minutes I'll never get back.
Re:The correct link.. (Score:5, Insightful)
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Re:riight. (Score:3, Insightful)
Yet you flog one person for suggesting that, but flip when the discussion turns to the VC's...why the hypocrisy? Your original point was a good one, having not met the kid, lets not judge him...but you'd best carry that through or you start coming off as an ass.
Re:bubble 2.0 (Score:2, Insightful)
Re:Where's the perpective? (Score:2, Insightful)
Nobody is saying they shouldn't use their connections and insights to their advantage. We're saying that it's not newsworthy. Presonally, I'm tired of media articles about some wiz-kid who founded his own company or invented some genius device and immediately got it into production and became wealthy before he had pubes when the kid already had the connections and avenues open for him to begin with.
Think of it this way. Which is a news story? Spoiled child of wealthy connected family attends Harvard where his parents are both Alumni and donors -- or underprivileged child from single parent home in the ghetto living on welfare lands a spot with tuition at Harvard?
See, one is impressive. The other is... well... inevitable and obvious.