12 Entrepreneuring

12 Entrepreneuring was a business incubator launched in February 2000 at the height of the dot-com bubble. The venture was co-founded by Halsey Minor, known for founding CNET Networks, and Eric Greenberg, founder of Scient. The firm attracted significant attention, raising $130 million from a high-profile roster of investors including Marc Andreessen, Benchmark Capital, and Goldman Sachs.

The company's business model was centered on incubating and launching new companies, particularly those focused on the emerging field of web services. The strategy involved providing capital and resources to spin out new ventures, with plans to launch and focus on one new company per year. 12 Entrepreneuring's initial valuation was set at a lofty $750 million, which was later adjusted to $500 million. The incubator was based in San Francisco, California.

Despite its ambitious goals and substantial backing, 12 Entrepreneuring had a short and tumultuous history. By late 2001, the company faced an investor rebellion and had laid off half of its staff amidst accusations of excessive spending, such as a $45 million office lease. The firm ultimately imploded and dissolved in 2001, a victim of internal discord and the broader tech sector decline following the dot-com crash. The companies it launched, which included Grand Central Communications, iBuilding, and Oxygen Software, also went out of business.

Keywords: Halsey Minor, Eric Greenberg, business incubator, dot-com bubble, web services, venture capital, CNET founder, Grand Central Communications, iBuilding, Oxygen Software, dot-com crash, San Francisco startup, 2000s tech, tech incubator, venture funding, Marc Andreessen, Benchmark Capital, Goldman Sachs, startup failure, tech history