Melissa Ross
In Jacksonville, Peter Rummell giveth, and Peter Rummell taketh away.
That was a lesson very publicly learned by former Jacksonville Mayor Alvin Brown.
Now, ousted One Spark founder Elton Rivas is the latest to get his walking papers after the powerful money man behind the popular (but financially struggling) crowdfunding festival decided the spark was no longer there between himself and the 35-year-old wunderkind.
It was Rivas, of course, who along with a couple of partners, first dreamed up the idea of connecting creators with venture capital during a hip downtown festival event.
One Spark mushroomed into a wildly successful party attracting hundreds of thousands to Jacksonville’s urban core, but never turned a profit. There were also issues with Jaguars owner Shad Khan‘s investment in a related incubator, KYN.
Plus, Rummell had been making it plain for some time he wouldn’t keep paying the hefty tab indefinitely.
Rivas is taking the high road as he steps down (along with two other staffers and a board member).
“It was mutual with the new direction of the company,” he told WJCT.
“It was a good time for me to transition out and take some time before diving into whatever the next venture may be.”
There is now uncertainty as to whether the planned April festival will even take place downtown. What is known is that One Spark Ventures, a new “social purpose corporation,” has been launched as a way of rebooting the brand with Rummell as chairman and Chris Carter as president. Carter has held executive positions of Fortune 500 corporations in the areas of strategic business and corporate development, financial management as well as operations and administration.
“I don’t think there was a huge difference in vision. The core of what One Spark is still the same — connecting great ideas with capital. I’m absolutely grateful and thankful for everything we’ve been able to build over the years, and all the talented people in our community, and especially the amazing employees who helped bring this idea to life,” Rivas said.
The new corporation retains the intellectual property rights to the brand, something Rivas says does not trouble him even though he created One Spark.
“It’s important to remember that a leader in any capacity serves as a privilege and not as a divine right. In God’s irony, I was allowed to serve as a leader, and I’m deeply grateful for that experience and especially for the community’s support.”
