Invisible Networks goes titsup

Xian

Invisible Networks goes titsup

Wireless broadband outfit Invisible Networks has gone titsup after running out of cash and failing to find a buyer.

Without any money to pay for the leased lines that support IN's wireless broadband communities the company has warned its customers that their services are likely to be switched off "within a very short period of time".

Who dey? A company set up in November 2001 to develop wireless community networks in the Cambridge area, such as CARNET, the Cambridge Ring North East Broadband Network. The deal being that Invisible would set up the network, the community non-profit group would drum up the local business and Invisible would pay a 'community levy' (about 8%) to the local organization.

The reason for the decision given in a company press release is "cashflow difficulties" led them to "restructure" the company. "As part of this process," they state, "we have been seeking a buyer for the business and assets as a going concern, but regrettably heard this afternoon from the last remaining interested party that they will not be making a bid."

Why should I care? Just insomuch as it's a salutary reminder for the fledgling WISPs over here of the fact that new tech doesn't cut it without good ol' business nous.

It's a shame to see them go. I'm sure it was a case of good idea, rotten luck. Fingers crossed the communities can do something to work out backhaul for themselves.

[edit]Update:[/edit]
'Some interest' in Invisible Networks rescue (The Register)

...and from the Cambridge Evening News supplement, via cifi.com - the unofficial (and now the only) IN user's forum:
Those who have looked at the company include Peter Dawe, who has just launched his own new internet service provider, InterViVo.
He told the News last night:
“Invisible’s business model does not work. We did consider a rescue, but decided against.”
Invisible’s founder and boss, Richard Nuttall, was a fellow director of Mr Dawe’s original ISP company, Pipex.
Invisible, which became operational a year ago, expanded quickly when it was announced the East of England Development Agency would be handing out cash to rural communities keen to get broadband internet access.
One creditor of the company said “Invisible failed to scale back quickly enough when EEDA delayed decisions by passing on the funds to local authorities to distribute.”
...
More than half a million pounds was raised from investors, with John Snyder’s Enterprise Accelerator in Cambridge playing a lead role.
Invisible’s plan was to expand its offering nationwide, targeting 80% of the country.