TrueLocal chief will depart
Jake Baillie, president of TrueLocal, announced his departure from the local search engine.
Recently he was given the chance to do something that he has always wanted to do. Mr. Baillie will manage a small Internet fund that incubates and funds seed-stage new media and technology companies.
"I'm extremely excited," he said. "My strength and love is growing a company to be profitable and from zero to 15 people."
On Jan. 1, Mr. Baillie and several TrueLocal employees will form STN Labs. As managing director, he will evaluate, fund and help small, inventive companies become self-sufficient.
"We're starting out with a stable of existing investments, which will be announced shortly, and beginning in April we will evaluate new opportunities," he said. "We're looking to take on several entrepreneurs in residence in the short term as well as providing investments to companies in the $50K-$500K range."
TrueLocal has begun an executive search, and Mr. Baillie will stay on until his position is filled.
"When I recruited Jake to the role of president for TrueLocal, it was primarily because of his passion for the local search space and how he shared my vision of building a best-of-breed local search solution," said Tim Nye, CEO of TrueLocal parent Geosign Inc. in Ontario. "His innovation and passion to this vision was highly infectious at TrueLocal, and TrueLocal has grown substantially under his watch. The team he has forged and roadmap he has laid out offer an exciting opportunity for the incoming executive.
"On a personal note," Mr. Nye said, "I am excited about seeing the types of projects that STN Labs will incubate. Watch out, world! Here comes Jake!"