As you know, Google is the world's most frugal company. So they must have really thought the founders of the now-flailing iPhone app Color were on to something when they offered to buy the company for $200 million earlier this year.
TechCrunch reports that Google offered Color founder Bill Nguyen $200 million before Color launched. Color is an iPhone photo app that has something to do with location-based sharing, and also revolutionizing everything? But Color turned down Google's offer, secured an insane $41 million in financing, then proceeded to fly off the skate ramp in its office into a pit of irrelevance.