ReadWriteWeb

iYomu was a social network designed for adults, that launched in August 2007 with a splashy $1 million competition. Less than a year later, the company has closed its doors. Turns out adults didn't want a separate social network after all, or at least not iYomu's one. In this post we explore why this New Zealand startup failed. It wasn't just because of a lack of US funds, the lame excuse given by one of its co-founders. Execution was poor and there were design issues.