By DAVID A. FOX
eConception, the company that has financed many online start-ups in Nashville, is paring back its own staffing and focusing its resources on its existing portfolio companies, NashvillePost.com has learned.
Five or six employees have been encouraged to explore other career opportunities, eConception founders Adam Small and Joe Freedman confirmed with NashvillePost.com late Friday afternoon. They said that they suggested to those workers that they look first for employment opportunities with companies in which eConception has an equity stake. The company has 11 full-time employees.
NashvillePost.com reported in October that eConception was considering selling its stakes in some, if not all, of its portfolio companies and had received an expression of interest from another company in buying eConception itself.
Friday, the company's leaders said that they are looking to devote their resources and capital to those companies in their portfolio with the brightest prospects. The company has capital remaining from its initial capital raise in 1999 and from the cash flow generated by the consulting fees it charges certain of its portfolio companies and other corporate clients.
Mr. Small said that eConception will be more active in its current companies and is not presently looking to make investments in additional start-ups.
POSTDATA: WARRANTY DEEDS