Postmortem of a Venture-backed Startup

[maverick]

Great read that shows what caused the downfall of a venture-backed startup. First paragraph:

"For those unfamiliar, Sonar Media Inc. was a mobile app created to help make the world a friendlier place. Our mobile app buzzed in your pocket when friends were near and ushered in a new wave of “Ambient Social Networking” companies. Downloaded by millions of people all over the world, Sonar was promoted by Apple and Google in 100+ countries, won numerous awards such as runner-up at TechCrunch Disrupt and Ad:Tech Best Mobile Startup, raised nearly $2,000,000 from prominent angels and VCs, and was featured on more than 300 publications including the New York Times, CNN, CNBC, TechCrunch, and TIME.
And yet, we failed."

https://medium.com/p/72c6f8bec7df#!

 

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[PopEmersen]

Eye Opening

 

[DeletedUser2]

should be stickied as a MUST READ for every startup

 

[RHL]

Brilliant process-focused examination of the "sweat of success." Reading this might keep me from "perspiring" in the future.

Thanks also to zen******* for highlighting this. I follow a lot of the high-speed users around, so your endorsement led me to reading an article I might have skipped over otherwise.

This is line is 100% unfiltered epic:

Identify your top three priorities. Throw away numbers two and three.

 

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[GravyBoat]

It took us at least 10 meetings to realize that, rather than delivering us millions of their customers on a silver platter, they were keeping tabs on us so that they could get access to OUR audience if we ever took off!

This right here is truly eye opening. I never even thought those companies had any other motive than fulfilling their reader's wants by writing about the latest... Makes you realize how much you don't realize!!

 

[Solus]

This right here is truly eye opening. I never even thought those companies had any other motive than fulfilling their reader's wants by writing about the latest... Makes you realize how much you don't realize!!

You have to think about it from your perspective: if you could acquire or otherwise pull in a small fish with an audience you don't already have, you're expanding your service without the initial leg work. A smart business owner would be all over that. Hell, my whole business plan is to pull in a readership/client base that my industry leader can't ignore so he can buy me out!

 

[BeachBoy]

Thanks, very, very interesting read.

 

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[CommonCents]

I noticed they talked about all the peripheral busywork of a startup, and very little about providing true sustainable value to its users/customers.