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ClearSpring is one of the latest victims of the economic crisis and it has now come to light that the widget startup has let go almost 20% of its workforce back in December last year. COO and President Jay Rappaport, who was an ex-President of Vonage and former COO of AOL has also left the company as a result of this move.

ClearSpring’s business model primarily depends on advertising, which would be one of the worst hit sectors – so things dont really look bright for the widget maker in the foreseeable future.