Itzbig to Shut Down

Sep 8, 2008

Maybe resumes are important. That’ll be the question of the hour for folks watching the demise of, the startup that launched in 2007 with $6 million in venture capital. The company says it is closing because it has been unable to secure enough additional funding to continue.

Itzbig used online surveys, not resumes, to match job seekers to companies. The service focused on employed information technology workers who wanted to keep tabs on the job market anonymously.

In April, the Austin firm slashed its rates by almost 90% with the hope that its matchmaking technology would turn Itzbig into the preferred job-search site for companies. And at the ERE Expo last spring, the company unveiled a new “Pay per IQA” model that allowed users to post as many jobs as they like for free, paying only when they got results, or put another way, candidates who were “Interested, Qualified, and Available.”

According to an article published Monday in the Austin American-Statesman, Itzbig CEO Jim McGovern sent a letter to all employees late Friday, writing that the company’s “Board of Directors has instructed us to liquidate the company and to return the remaining funds to our secured creditor, a major bank which provides growth capital to start-up companies. Unfortunately there will not be enough funds available to repay our unsecured creditors.”

Until the company is closed completely, the company’s website will become free to use for everyone.