Wonder what happened with Kinetiq Labs? Founder Mike Prassad explains…

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Mike Prasad, the founder and key driver behind Kinetiq Labs, the now-defunct Honolulu-based startup incubator, recently published a post on Medium explaining what happened, why he left Hawaii, and how the failure affected him personally.

 

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Excerpt from HSDC’s 2013 Annual Report.

While I haven’t heard some of the rumors Prasad mentions in his post, looking at the 2013 HSDC annual report that he references would lead you to this sentence, “Nalukai Foundation and Kinetiq Labs did not meet the deadlines for raising their match and did not receive funding from the LAVA Program.” Reading further, however, on page 16 you’d see that Kinetiq must have received $150,000 in LAVA funds, but that those funds were subsequently returned to HSDC.

While I’m sure others may have a different view on what actually took place—there’s always another side to every story—Prasad’s candor is refreshing.

You can read Prasad’s full post here.