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Bubble 2.0 Watch: Aggregation site Brijit shuts down

Apparently, a destination site for 100-word abstracts of news stories wasn't a viable business plan. The site closes its doors after running "out of money.", an aggregation site that summed online news stories and other content up in 100 words or fewer for quick consumption, has shut its doors.

The shutdown is ideally temporary, the site's management said Thursday, but a placeholder on the front page admitted that Brijit "is out of money and can no longer afford to bring you the world in 100 words."

A post on Brijit's blog by CEO and Editor In Chief Jeremy Brosowsky explained further. "As recently as yesterday morning, we thought we had the funding in place to continue our work together. But as it turns out, we don't."

Brijit, founded less than a year ago, had been funded solely by angel investments.

Currently, the site has kept its archive of about 16,000 abstracts live but is not accepting new ones. Brijit also compensated its abstract writers with a cut of ad revenue, and said payments for abstracts written up until the site's shutdown would be sent to writers next week.