While reading some other education news, I started wondering about who the investors were in Neil Bush's Ignite!Learning program that is such a crony goodie for the Bush family and which purpose is to teach to the NCLB tests, like TAKS. Ignite's website is incredibly cheesy looking and appears to be designed for morons; also doesn't include much company information
According to this article from 2001, the funding is private
George W. Bush may have left Austin amid much fanfare, but the president's younger brother quietly is heading a local startup that's raising at least $10 million in second-round funding.
Neil Bush's Ignite! Inc., which develops educational software, is hoping to raise a second round in the near future, says Pamela Richardson, chief operating and strategic officer for Ignite! The company raised more than $5 million in first-round funding last year, she says.
Richardson declined to name previous private investors, but documents filed with the U.S. Securities and Exchange Commission indicate the company raised $7.1 million from 53 investors and is seeking $10 million in additional funding, according to online newsletter Private Equity Week, which covers private equity filings with SEC.
(We do know that Mommy Bush gave money to son Neil's company as a Katrina charitable donation-which was spiffy, eh? How many of us can use charity for a writeoff that benefits our kids and still pretend to be philanthropic?
Former first lady Barbara Bush gave relief money to a hurricane relief fund on the condition that it be spent to buy educational software from her son Neil's company
Then I ran across this article, from 2002, that shows that Bush outsourced the production of the software to a Mexican group, Grupo Carso, which has an OWNERSHIP stake in the company.
Neil Bush's e-learning company has laid off 42 percent of its workforce as it prepares to sign a $15 million deal to outsource software production to a Mexican telecommunications giant.
Austin-based Ignite Inc. plans to seal the deal — expected to be at least a two-year partnership — with Mexico's Grupo Carso Telecom SA before the end of the year, says Ken Leonard, chief financial officer of Ignite.
Leonard says terms of the deal are being negotiated, but Grupo Carso would assume all nuts-and-bolts production of Ignite's educational software, take an ownership stake in Ignite and be licensed to sell the software in Mexico. Ignite would lay out the curriculum behind the software.
Ignite employs 29 people after laying off 21 designers and programmers Oct. 18, Leonard says.
From the Washington Post-2003
For the last several years, Bush's main business interest has been Ignite!, the educational software company he co-founded in 1999. To fund Ignite!, Bush has raised $23 million from U.S. investors (including his parents), as well as businessmen from Taiwan, Japan, Kuwait, the British Virgin Islands and the United Arab Emirates, according to documents filed with the Securities and Exchange Commission.
Last year, Ignite! also entered into a partnership with a Mexican company, Grupo Carso Telecom. The partnership enabled Ignite! to lay off half of its 70 employees and outsource their jobs to Mexico.
"That's turned out to be great," says Ignite! President Ken Leonard.
I could spend all day googling for the corruption of this company and Neil Bush and have other stuff to do. My point, however, is about outsourcing and globalization. The Bush family does not care about the United States, this makes them, in book, grossly unpatriotic. I"ve thought before that G W's border enforcement is non-existent and it's obvious when sending jobs to other countries, including one of Bush's most highly touted school programs, trumps activities that build up and enrich the US. Corporatism as a creed-and I'm against it.