As a follow up to our post from last April, Toivo Annus claims to have “no tangible results to evaluate”  on his chalenge for a Baltic startup to create a public service application that would attract 100 000 active monthly users from Baltic states by March 2012. The winner would get a $20,000 cash prize with no strings attached.

Annus is a Skype co-founder, founder of Ambient Sound Investments, and an angel investor from Estonia. The contest came from his frustration with Baltic startup’s inability to aim high, but sadly this project seems to have flopped with only two active participants… a low turnout for free money.

The results aren’t completely negative toward Baltic companies’ performance. A conclusion Annus draws is that

A challenge of this kind should be organized better – announced well ahead, with better media coverage, securing anchor partners in every Baltic state for support, getting corporate sponsors in place and more man-hours dedicated to organizing it. If someone wants to take this to new level – Id be happy to join forces.