Wamba used to be the second social network in Spain, to the point that Skype’s Morten Lund invested €1.5 million on it and it was almost sold to an international group. Things started to go bad and finally its founder, serial entrepreneur Enrique Dubois, has decided to take it to Facebook, the new web platform in which it is easier to grow and some companies are making a bunch of money thru virtual games.
These are some of the things that Dubois explains in his blog’s post:
– One of his mistakes was developing the software in India.
– Wamba grew by buying traffic (sites like Vagos.es).
– It offered Germans free housing in Mallorca, where Wamba is based, if they collaborated for free with the startup
– He danced with go-go girls in some videos in order to make them as much viral as posible.
– One of his biggest mistakes was to have anonymous users that used a nickname instead of their real names.
– Wamba is making a profit right now, mainly with Vagos.es, an online community for students which has half a million yearly revenues. It also fired many employees.
– Instead of Facebook, which was his initial desire, Wamba copy-pasted MySpace.
– As a Facebook app, Wamba will be a place to meet new people by tagging them. The business model will be based on premium services.
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