According to a new regulatory filing, Osage Venture Partners, a venture firm in Bala Cynwyd, Pa., recently made a $3 million bridge loan to RedLasso, a startup in King of Prussia, Pa.
It might have done better backing pork bellies. RedLasso is a multimedia search company that was hoping to let bloggers find and syndicate television and radio clips. The idea was “to create value and share income in the form of advertising revenue for and between producers/creators/owners of multimedia and those who can create interest in content.”
The optimistic founders underestimated the degree to which traditional media hates being appropriated, especially without its consent. I just discovered this letter at the site:
To Our Loyal Users:
We would like to thank you for your continued support of Redlasso. You have been essential to making Redlasso a household name online. Unfortunately, due to the legal actions taken against Redlasso by two networks, we are left with no alternative but to suspend access to our video search and clipping Beta site FOR THE IMMEDIATE FUTURE. The networks have provided a big blow to the blogger community’s right to exercise the first amendment and comment on newsworthy events. It is anti-Web. During this service suspension, we will continue our conversations with content providers, with the goal of establishing formal partnerships that will quickly help us restore access to the Beta site.