Maker Faire terminates operations and lays off all staff

Maker Faire is considered an art festival. The financial troubles forced Maker Media to stop its whole staff of 22 and terminates all the operations. We all know that Maker Media is the company of crafting publication of a magazine MAKE along with the art festival and science.  

For almost 15 years, MAKE directed children and adults in a step by step science projects and crafts. Hence, it was necessary for the movement of the maker. From 2006, there is a diversity of licensed and owned events of Maker Faire in a year over 40 states. Also, it let the people walk within engineering, inspiring art, and massive installations.

Maker Media Inc halted the operation this weekend and allowed the workers to go. There were almost 22 workers. Usually, it is something which Dougherty informs TechCrunch. Also, consider that Autodesk and Microsoft did not sponsor the flagship Bay Area Maker Faire of this year.

All About Dougherty

The Dougherty still tries to revive the company to some extent. In spite of bankruptcy, Maker Media works around the alternative assignment of Benefits of Creditors process.

Dougherty informs that they are attempting to keep the work running. Perhaps, they can get control of all the company assets and restart it. Of course, they are not going to do anything they did in the past time.

But Dougherty is promised to keep the Maker Faire licensing program as well as magazine working. The destiny of the hopes will be dependent mainly on the talks with the financiers and backs to some next weeks. And, from now, the websites will remain online.

Usually, Dougherty informs that he has been stunned by the support given by the community of Maker. Today, the licensed events of Maker Faire throughout the world will also go as decided. Dougherty also tells he knows all about the interest of Palmer Luckey in giving funds to the company.

Statement of CEO About Maker Faire

The CEO states that the staffers should know the difficulties. Sometimes, the challenges that the company mostly faces after the layoffs in 2016. According to the SF Chronicle, almost eight more workers let go in March. Plus, they have been paid the PTO and owned wages, but they did not get two- week notice or severance pay.

Usually, it initiates as a project-backed firm, but we knew it was not that opportunity. This is something which Dougherty as the company increased up to 10 million dollars from Floodgate, Raine Ventures, and Obvious Ventures.

In addition to these, the firm did not involve in investing more to the investors. It failed as the business but not as a duty. Will it be something non-profit like this? The best achievements are mostly present in education.

Now, the condition is mainly sad. The public was yet passionate about the products of Maker Media. Then, Dougherty stated that in spite of the rain, the significant Bay Area event of Maker Faire checked its ticket sales target in the last week.

2016 Estimate

In 2016, 1.45 million people appeared in its function. The MAKE magazine constituted 125,000 subscribers, and the firm has increased up to one million subscribers on YouTube.

“Maker Faire works for people. But it does not usually work great as a business nowadays, under the oversight” Dougherty decided in short. Now, the company is present in a midpoint for more updates, like our facebook page.

 

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