Silicon Valley celebrates the massive exits and the brilliant entrepreneurs behind them. There's Facebook's Mark Zuckerberg, Snap's Evan Spiegel, Salesforce's Marc Benioff and Twitter's Evan Williams, just to name a few.
But the overwhelming majority of start-up founders are a lot more like Paul Edmondson than any of the aforementioned celebrities.
Edmondson poured 12 years of money, sweat and tears into HubPages. He raised $8 million from venture capitalists in the early days before hitting a wall — and then another wall — and then falling out of favor with tech's financiers.
On Friday morning, Edmondson finally got his exit. HubPages, a collection of websites that cover topics ranging from pets and cars to healthy living, was acquired by a Seattle-based content company named Maven, which has a market value below $70 million and a stock that trades over-the-counter (OTC).
Terms of the deal weren't fully disclosed, but the general structure calls for HubPages' investors to get $5 million and for company founders and employees to receive a combination of cash and shares that could be worth another $10 million to $15 million, based on performance metrics and stock appreciation over the next three years.