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I was heard Innovance carried out "temporary" layoff's yesterday. There are only 40 people left. Anyone can confirm?
Heard Innovance layoff, any confirm?
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Confirmed:
Innovance Networks lays off two-thirds of staff
By Leo Valiquette, Ottawa Business Journal Staff
Wed, Sep 10, 2003 2:00 PM EST
Another of Ottawa's startups in the cutthroat market for optical long haul equipment is falling on hard times ? Innovance Networks.
CEO Peter Allen confirmed with the Ottawa Business Journal Wednesday that the company has temporarily laid off two thirds of its staff, bringing its workforce in Ottawa and New Jersey down to about 50.
The move comes less than a month after Ceyba, another local startup competing in the market, shut down entirely despite a rich history of venture capital funding and products in the hands of customers.
Last month, Innovance announced a successful field trial of its key product ? the AgileCore - with a major telecom services provider.
The AgileCore is touted as the world's first automated, tunable, agile photonic network with a major North American service provider.
"The good news is we had a successful field trial," Allen said.
Now the trick will be to use that positive news and capitalize on what Allen dubbed "short term opportunities."
Allen didn't go into specifics, but emphasized that nailing down these potential contracts will be vital to the company's future. He said investors are eager to see Innovance sign up more customers and generate revenues.
"Investors will always look at forward market dynamics," he said.
Allen said that if that new business materializes, the company will be able to recall the laid off staff.
In 2000, Innnovance secured $145 million in venture capital through two financing rounds. Those deals were followed by another $88 million in February 2002.
Before this week's layoffs, Innovance had already whittled its workforce down to reduce how quickly it burns through that VC warchest.
A year ago the company laid off about 27 per cent of its workforce, which left it with 215 staff. At the end of 2001 it employed about 360.
Innovance's challenges will likely come as little surprise to the local tech sector considering last month's demise of peer Ceyba.
The company, which began as Solinet Systems in May 2000, was also developing optical components for long-haul networks.
Ceyba still had cash, but needed to land another round of financing to bring it to the breakeven point. The telling blow came when the venture capital firm that was supposed to take the lead role in that new financing round bailed out.
At the time, Benoit Fleury, Ceyba's VP of product management and marketing, commented that most investors "don't want to touch long-haul with a 10-foot pole."
Ceyba made headlines two years ago with one of the region's largest ever venture capital wins, $144 million in May 2001.
Innovance Networks has successfully completed a field trial of its AgileCore(TM) solution, the world's first automated, tunable, agile photonic network with a major North American service provider. The system has been deployed and tested on a multiple node, intra-city network within the service provider's national network footprint.
With the completion of this field trial, Innovance Networks demonstrated in a real world environment greater than 3,000km reach with eighty channels operating at 10 gigabits per second over Truewave(TM) Classic fiber and the full functionality of the AgileCore(TM) portfolio including photonic switching, tunability, and automated, software controlled wavelength provisioning.
The Innovance Networks' AgileCore(TM) solution replaces today's static point-to-point WDM networks with an intelligent, automated, meshed photonic network offering bandwidth on-demand with higher availability, less complexity and significantly lower capital and operating costs.
"We are very excited by this opportunity to showcase our next generation photonic networking solution in the field," said Peter Allen, President & Chief Executive Officer, Innovance Networks. "This system is the first to exploit tunability and real-time software control at the photonic layer to deliver a fully automated, core optical transport network. The AgileCore(TM) solution facilitates a future of high availability, bandwidth on-demand for high capacity private networks or virtual private networks (VPN) and represents the next generation for core optical networks."
Innovance Networks lays off two-thirds of staff
By Leo Valiquette, Ottawa Business Journal Staff
Wed, Sep 10, 2003 2:00 PM EST
Another of Ottawa's startups in the cutthroat market for optical long haul equipment is falling on hard times ? Innovance Networks.
CEO Peter Allen confirmed with the Ottawa Business Journal Wednesday that the company has temporarily laid off two thirds of its staff, bringing its workforce in Ottawa and New Jersey down to about 50.
The move comes less than a month after Ceyba, another local startup competing in the market, shut down entirely despite a rich history of venture capital funding and products in the hands of customers.
Last month, Innovance announced a successful field trial of its key product ? the AgileCore - with a major telecom services provider.
The AgileCore is touted as the world's first automated, tunable, agile photonic network with a major North American service provider.
"The good news is we had a successful field trial," Allen said.
Now the trick will be to use that positive news and capitalize on what Allen dubbed "short term opportunities."
Allen didn't go into specifics, but emphasized that nailing down these potential contracts will be vital to the company's future. He said investors are eager to see Innovance sign up more customers and generate revenues.
"Investors will always look at forward market dynamics," he said.
Allen said that if that new business materializes, the company will be able to recall the laid off staff.
In 2000, Innnovance secured $145 million in venture capital through two financing rounds. Those deals were followed by another $88 million in February 2002.
Before this week's layoffs, Innovance had already whittled its workforce down to reduce how quickly it burns through that VC warchest.
A year ago the company laid off about 27 per cent of its workforce, which left it with 215 staff. At the end of 2001 it employed about 360.
Innovance's challenges will likely come as little surprise to the local tech sector considering last month's demise of peer Ceyba.
The company, which began as Solinet Systems in May 2000, was also developing optical components for long-haul networks.
Ceyba still had cash, but needed to land another round of financing to bring it to the breakeven point. The telling blow came when the venture capital firm that was supposed to take the lead role in that new financing round bailed out.
At the time, Benoit Fleury, Ceyba's VP of product management and marketing, commented that most investors "don't want to touch long-haul with a 10-foot pole."
Ceyba made headlines two years ago with one of the region's largest ever venture capital wins, $144 million in May 2001.
Innovance Networks has successfully completed a field trial of its AgileCore(TM) solution, the world's first automated, tunable, agile photonic network with a major North American service provider. The system has been deployed and tested on a multiple node, intra-city network within the service provider's national network footprint.
With the completion of this field trial, Innovance Networks demonstrated in a real world environment greater than 3,000km reach with eighty channels operating at 10 gigabits per second over Truewave(TM) Classic fiber and the full functionality of the AgileCore(TM) portfolio including photonic switching, tunability, and automated, software controlled wavelength provisioning.
The Innovance Networks' AgileCore(TM) solution replaces today's static point-to-point WDM networks with an intelligent, automated, meshed photonic network offering bandwidth on-demand with higher availability, less complexity and significantly lower capital and operating costs.
"We are very excited by this opportunity to showcase our next generation photonic networking solution in the field," said Peter Allen, President & Chief Executive Officer, Innovance Networks. "This system is the first to exploit tunability and real-time software control at the photonic layer to deliver a fully automated, core optical transport network. The AgileCore(TM) solution facilitates a future of high availability, bandwidth on-demand for high capacity private networks or virtual private networks (VPN) and represents the next generation for core optical networks."
Re: Re: Re: Heard Innovance layoff, any confirm?
The point is the company doesn't need to pay laid-off package. The people might be officially laid-off when the company goes to bankruptcy. But there is no money left for laid-off package that time. Many company play the game like this.
What can employee do?
The point is the company doesn't need to pay laid-off package. The people might be officially laid-off when the company goes to bankruptcy. But there is no money left for laid-off package that time. Many company play the game like this.
What can employee do?
