Blinkx blows it...

Before last Christmas, Chandratillake said that Transaction Hijacking was ready to go. To date there is still no sign of it, although there are mutterings about setting up a server farm in Nevada to accommodate the servers that would be required (why hasn't this already been done? As with so much about Blinkx we don't know, shareholders haven't been told).

And now a product called Invisible Hand launches which seems to do exactly what TH promised to do - advise a customer that they can buy a product cheaper somewhere else.

So due to Blinkx's prevarications and delays they have now lost first-mover advantage, and will have to play catch-up to a product that they should have pre-empted six months ago.

Once again, this demonstrates how utterly clueless the Blinkx management team are. The company has fantastic, world-beating technology created by its coders - but unfortunately also has a management team that doesn't have a clue what to do with it or how to monetise it for the benefit of shareholders - THOSE WHO HAVE ACTUALLY PUT THEIR HANDS IN THEIR POCKETS TO BUY A SHARE OF THIS COMPANY!

Time for a change of management at Blinkx. The current bunch of jokers have had two-and-a-half years now, and have only succeeded in halving the share price, losing market share to competitors (Hulu thinks a mobile app is a good idea - but apparently Blinkx don't, despite the stellar growth of mobile advertising), and alienating a large swathe of the shareholder base (although not of course Autonomy, who have just had a chance to buy lots more shares at 40% of the IPO price - how marvellous for them!) with their non-communication and non-delivery.

Time for Chandratillake to go. He's had his chance and in my view he's been found wanting on every front - from delivering shareholder value to effective PR and communications to public speaking to making the deals that will take the company to profitability (18 months to build Democracy Live? For the BBC? Blinkx must have lost money on that deal...).

Can InvisibleHand help you save money?

As always, I will caveat my criticism of Chandratillake by saying that he's welcome to prove me wrong any time he likes - by releasing TH, by signing the blockbuster deals to monetise the video index (eg with Yahoo! or an equivalent large player with huge numbers of eyeballs), and by getting the share price to where in my view it should be with good news flow and competent news management - somewhere between 50p and 100p. But I don't hold out much hope that he will - he hasn't managed to do it yet, he seems to have nothing but contempt for his shareholders (that's OK Suranga - many of us have nothing but contempt for you too) and a total disregard for the share price (hardly surprising since he's never bought a share with his own money in the open market)...