Faves.com is getting a second (actually, maybe even a third or fourth) chance. But the Seattle online social bookmarking service won’t pay the huge dividend that investors once hoped for. Mike Koss, one of the early backers and former co-CEO, tells GeekWire that he’s in the middle of transferring the domain name and service to Kane Miller of San Diego.

Koss said that he received several offers for the company’s assets after announcing last month that he planned to pull the plug.

But there won’t be any Champagne corks popping at the Faves.com offices. Koss, who invested in the company in 2006 and has helped guide its course in recent years, said investors won’t see a positive return.

“…This will return a small amount of money to those who participated in the last round, though I can say that everyone is taking a big loss,” Koss said.

We’ve reached out to Miller for comment, and we’ll update the post when we hear back. Koss said that it was his understanding that Miller planned to continue to operate Faves.com “as is” until more development resources could be added.

Originally formed as Blue Dot, Faves.com is nothing but a survivor. The company — which was pronounced dead several times — has continued to re-emerge with new investors, structures and strategies.

We’ll be watching to see what happens in this latest chapter.

Previously on GeekWire: How a Seattle startup missed its shot to become the next Facebook

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  • http://twitter.com/chrisamccoy Chris McCoy

    Let’s celebrate the fact Mike Koss gave it a run, came back from multiple startup NDEs, and retired from the business gracefully. Looking forward to seeing what Mike builds next. 

    Seattle needs entrepreneurial leaders like him. Admonishing failure is a death knell to true entrepreneurial innovation (real companies solving big problems, not “feature” companies). We need to get it out of the Seattle startup culture. We need technical entrepreneurs with the guts to get back up, stay in the game. 

    Otherwise, they all stay at the local Mothership. Which, if you ask me, is too safe if you’re one of the ultra talented technical leaders living (key is you’re already here) in a region primed for an entrepreneurial renaissance. 

    Teddy said it best: 
    “It is not the critic who counts; not the man who points out how the strong man stumbles, or where the doer of deeds could have done them better. The credit belongs to the man who is actually in the arena, whose face is marred by dust and sweat and blood; who strives valiantly; who errs, who comes short again and again, because there is no effort without error and shortcoming; but who does actually strive to do the deeds; who knows great enthusiasms, the great devotions; who spends himself in a worthy cause; who at the best knows in the end the triumph of high achievement, and who at the worst, if he fails, at least fails while daring greatly, so that his place shall never be with those cold and timid souls who neither know victory nor defeat.” 
    — Theodore Roosevelt

  • http://www.nosnivelling.com daveschappell

    Agree with Chris — it’s pretty amazing what Mike accomplished, and the persistence he showed — I look forward to seeing what’s next (and congratulate Mike on ‘moving on’)

  • http://twitter.com/bcrimmins Bob Crimmins

    Mike, I’m sure this is a bitter-sweet result… and I’d guess much more bitter than sweet.  But you’re not alone, my friend, and all of us who have tasted that bitterness are behind you and will be eagerly watching for what comes next.  Very best of luck and thanks for all that you do for the Seattle startup community. 

  • http://twitter.com/Vroo Vroo (Bruce Leban)

    I’m surprised to see comments talking about Mike now “moving on” and wondering what he’s doing next. Faves has been basically on life support (as noted in the previous article) and Mike has been working on other things, like http://www.pageforest.com

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