Page "Shawn Fanning" Paragraph 2

In 2002, Fanning was named to the MIT Technology Review TR100 as one of the top 100 innovators in the world under the age of 35.

In 2003, he opened a new company, Snocap, along with Jordan Mendelson ( Napster's Chief Architect ), and Ron Conway.

The company aspired to be a legitimate marketplace for digital media.

However, their partners and the public did not respond well.

Customer support was poor, and technical issues were numerous.

One of their primary partners, CD Baby, wrote a scathing account of their relationship.

In late 2007, Snocap laid off 60 % of its workforce.

ValleyWag wrote an article that Fanning had long left Snocap and began to work on another venture, Rupture.

The ValleyWag article stated that the failure was largely due to Snocap's CEO Rusty Rueff and that of former CTO Dave Rowley, who " made a mess of engineering before he was fired ".

Snocap was looking to sell itself and fast.

In 2008, they found a buyer ; imeem acquired Snocap in a fire sale.