An Athens by the Central Line

So UpMyStreet – apparently a latterday Athens peopled entirely by cool, fun people who worry about things like geo-encoding their web site – has gone bust. Over at NTK the shock was so great they announced a total cessation of sarcasm for a minute to record the company’s simultaneous slashdotting and receivership. Elsewhere, no one can find a bad word to say about UMS.

The thing is, this wasn’t supposed to happen. While I was running, we thought the UMS guys were golden. They were supposed to have survived the bust, they were supposed to have a bullet-proof (at least not chewing-gum and string) service-based business model with recurring revenues. They had groovy, meaningful technology and excellent people who weren’t running-dog opportunists. What happened, guys?