Don't try this at home Thursday, March 31, 2005 The head EDPro in Bristol, CT wants his money back. In 2003, the Bristol invested $15,000 in a telemarketing company, iworx. The company is based in Scarborough, ME. It supposedly walked out on its deal, and now the city wants its incentive money back. Read more. Don't hold your breath. It looks like Bristol can kiss its fifteen grand good-bye. A little checking reveals that this company sells (or at the time sold) weight loss cream, called gel-a-thin. iworx advertised gel-a-thin in magazines (like Cosmopolitan) and the Internet. The advertisements directed consumers to dial an "800" number to order the product. According to the advertisements, gel-a-thin is a "breakthrough topical gel" that "emulsifies, shrinks fat on contact." The cream "penetrates the skin and emulsifies fat". A one month supply costs $59.95. I know so much about this, because its all in a complaint issued against the company by the Federal Trade Commission. Learn more. For some entertaining reading, you can download the complaint here. It turns out that the defendant in the FTC action was also the target of a Warning Letter by the Food and Drug Administration for another product. With this product, the defendant allegedly claimed that '“Skin Zinc Spray' is useful in treating psoriasis, eczema, seborrheic dermatitis, and dandruff". Learn more. There's another tip-off that this company is shaky: It's web site has no products. Visit the site. The major lesson: If you want to invest public money in companies, do your homework. The process is called "due diligence". posted by Ed Morrison |		This work is licensed under a Creative Commons License. links Some Background on EDPro Weblog The purpose of this weblog is to help economic development professionals -- EDPros -- keep up with the changes sweeping our profession. Strap on your goggles. It's a whole new game. There are no experts any more. The only place to learn about economic development is from other EDPros who are doing it. One other point: the prevaling approach (paradigm, if you like) in economic development is shifting from competition to collaboration. There are a lot of reaasons underlying this shift, but here's the important insight: You, your community, and your region will do better by collaborating and sharing information. So, spread the word...Share the knowledge. Tell a friend about EDPro Weblog. If you are using a news reader, here is the link to syndicate this site: Here's the link if you are a bloglines subscriber: Speaking and workshops on Open Source Economic Development As the idea of Open Source Economic Development starts spreading, more people are asking about it. Visit the I-Open web site to learn more. My colleagues and I are happy to explain the basic concepts in a talk or a workshop. E-mail Susan Alshuler if you'd like to learn more about workshops and speaking. Background on Ed Morrison Download some background information on me here.

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