Clinkle’s Lucas Duplan Personifies the Pinnacle of Startup Greed

Lucas Duplan illustrates one example of the meaning of life
Credit: Valleywag.com

I will segue from my usual Sharing Suzette topics to say a few words on business, which begs the question—just what is the meaning of life? I bring this up because of a recent national news story. It goes like this…

In the past month, a 22 year old former Stanford University student Lucas Duplan, CEO of Clinkle, hit the national headlines with one of the most egregious displays of startup greed ever seen. His startup Clinkle became a media darling back in June by raising $25 million. The company provides a digital wallet app—the underyling concept of which still remains a mystery. Even a Clinkle commercial (see a link below) offers only a slick display of smoke and mirrors. Not to say that there may not be a great idea behind the company, but….

What’s significant about Mr. Duplan (who changed his name from Duplancic upon entering Stanford) is not the amount of venture capital he raised (it’s a lot!) but the greed that follows. His story begins with a group of Stanford professors and an “all-star team” of powerful investors (including CEO Richard Branson of Virgin Airlines) whose investments comprise the $25 million. Along for the ride, twenty students leave Stanford to join the company. Then employees accuse Duplan of lying about the amount of money raised and the amount of stock options issued. The six figure income he pays himself does not sit well with employees, who claim they’re underpaid. Drama ensues as some employees jump ship while others are fired—all in Clinkle’s short six months following fund raising.

So far Clinkle’s a magical mystery
Credit: mashable.com

Then a month ago, before the Clinkle site even launched, according to ValleyWag someone hacked in and posted on the net the personal online wallet profiles of it’s few registrants. This included Lucas Duplan’s own profile picture, which presents the CEO in a most embarrassing and compromising position: flaunting his cash (albeit the money is fake).

Okay, so here’s where, as a woman pushing a bootstrapping startup forward, I find my thoughts branch out in several directions: how men have dictated business rules (that seem to continuously go awry), how these startups sadly lack soul and why middle-aged men hand millions over to a 22 year old. Just a name a few.

Do I really need to say more? Let’s face it, this story points to the crux of our banking crisis, reasserts how business is allowed to get out of control in this country and quite frankly sums up a huge portion of our world problems. Lucas Duplan is a poster child for greed. It’s not good.

While I sit here and imagine the string of meetings where those 50 and 60 year old investors sit Lucas Duplan down and give him a big talking to, I push forward. I push meaningful issues of life and death onto the global radar.

So now I will pause again and ask you—just what is the meaning of life?

To view the Clinkle video view here.

• Read more about Clinkle on ValleyWag.
• Read my last post on life and death issues and some thoughts on the meaning of life.