Dan Gillmore, author of We the media and founder of Bayosphere has published an open letter about the end of the project as a for-profit company.

"We envisioned Bayosphere as a place where people in the San Francisco Bay Area community could learn about and discuss the regional scene, with a focus on technology, the main economic driver. My tech and policy blogging would be an anchor, hopefully attracting some readers and, crucially, some self-selected citizen journalists who'd join a wider conversation.

The evidence strongly suggested early on that this was not likely to be a viable publishing venture for some considerable period without partnerships to bring in both readers and contributors. But long discussions with potential partners -- including several whose participation would have been game-changing in a journalistic and business-model sense -- didn't pan out. (It will be an exciting day when one or more of those folks tries a citizen-driven media venture.)

As the Bayosphere project was playing out last fall, I concluded that I could do more for the citizen journalism movement by forming a nonprofit enterprise, a "Center for Citizen Media" where I could put my skills and passion for the genre to better use -- looking at lots of disparate elements and connecting the dots. (And as a friend accurately remarked when I told him not long ago about my planned shift toward the nonprofit arena, "Well, you've always struck me a more of a dot-org kind of guy than the dot-com kind.")"

As you know - we here at Creative Weblogging are strong believers in the emerging power of citizen journalists. We have introduced Creative Reporter last fall in order to have parts of our audience to talk back.

It's a pitty that Bayopshere has not succeed as envisioned but every good entrepreneur has some business he/she has run into ground. Bayosphere did raise and splurge huge amounts - just one seed round from Omidiyar. So i'm excited about what Dan comes up with next.