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Two year old life-story repository Dandelife seemed to have everything going for it. It launched to praise from some of the biggest tech blogs on the web, it built a wildly loyal user base and its company advisory board was stocked with some of the biggest names in social media. Apparently that hasn't been enough, though. Last night Dandelife founder Kelly Abbott announced that the software will be made open source this year, acknowledging that the company hasn't grown or made money and that he made some important mistakes from the start.

It's an interesting story that other entrepreneurs can learn from and Abbott has done a real service in opening up honestly about what's going on at Dandelife.