Recently, Smith & Tinker released its first product, Nanovor, to retail shelves in the hopes of capturing the imagination of a new generation of always-connected children. While the holiday sales period isn’t over yet, VentureBeat is reporting today that the company is letting go 15 staff members, roughly 30 percent of its 50 employees.
“As many startups do, we staffed aggressively early on to meet deadlines for launching our product online and at retail this year,” said Smith & Tinker in a statement. “These layoffs are needed to bring our organization to a healthy operational size for the remainder of this year and 2010. Nanovor has been recognized by FunFare and Dr. Toy as a hot toy for 2009 and has seen strong consumer adoption to date; the company continues to receive solid support from our board. Employees leaving the company will receive severance packages.”
Jordan Weisman (developer of titles like Crimson Skies, MechCommander and Shadowrun) founded Smith & Tinker and helped raise $29 million in venture capital this past August.
