Gizmondo Creator Files for Bankruptcy in UK

[Jonathon Watkins]

<i>"What, you have zero reason to act surprised that Tiger Telematics, creator of the Gizmondo and Smart Adds, is filing for bankruptcy in the UK, their country of origin. We've been following these guys since day one and we're pretty sure there wasn't anyone who didn't see their collapse as absolutely eventual; the filing -- submitted last Friday -- surfaced today in apparent explanation to the SEC of what happens to their US operations. It looks like they'll be seeking Chapter-11-like financial protection for now as they restructure their UK operations, and they're expected to cut 50% of their monthly staffing expenditures"</i> <br /><br /> <img src="http://www.pocketpcthoughts.com/images/web/2003/gizmondo.jpg" /> <br /><br />As Engadget say, it's not great surprise to see the outcome of an outsider going up against the established players in the handheld gaming market. Even embedded GPS could not give the Gizmondo enough mind-share to create a decent market-share. You can see the details of the filing <a href="http://freerealtime.brand.edgar-online.com/fetchFilingFrameset.aspx?FilingID=4141453&amp;Type=HTML">here</a>, if you're so inclined. Another one bites the dust.........

[MitchellO]

Surprise surprise....

[Darius Wey]

I hate to say this, but I sort of think the iRiver G10 (http://www.pocketpcthoughts.com/forums/viewtopic.php?t=45423) will end up being in the same boat, unless it can achieve the same market penetration as the DS and PSP.

[MitchellO]

Yeah, its got great specs (4-8Gb Storage, 800x480 screen) but it just won't have the developer support. Sony and Nintendo are established in the market, and that makes it really hard for a new comer to do well.

Its unfortunate as some of these devices show potential, but that potential goes unused and unnoticed...

[guinness]

Sony and Nintendo have the money though to market their devices to the masses, same Microsoft, they can all afford to make a mistake or two and keep going.

As for the Gizmondo, was it even released in the US? Another product that gone the way of so many other handheld gaming consoles.

[Typhoon]

Here's my theory...maybe the CEO or creator was just in it for the money? I have heard of stories of CEOs or businessmen starting companies to gain lots of money from funding. What they do is come up with crazy ideas that fool gullible investors. But of course, the ideas always fail after a few months. At least, that is what I think happened. Phony CEOs or businessmen looking for easy money. Usually their excuse is that when it comes to business, you usually have to fail some in order to finally succeed in something.