failed startups

From @MorningBrew: "e-scooter company Bird, which became the fastest startup ever to land a $1 billion valuation, was delisted from the NYSE and is now worth $7 million. That’s less than a third of the $22 million its founder paid for a Miami mansion in 2021."

My first company @twitch sold for a billion dollars. My second one lost $75 million in 36 months. People love talking about success, but today I'm going to talk about failure. It's time to be honest about Atrium:

But we underestimated two things: the amount of product we would need to build to start repeatably winning, and how high switching costs would be for many of their customers. We didn’t have a clearly identifiable market force at our back, other than broad trends around collaboration and cloud-based solutions. Those trends helped enormously, but we ... See more

On the importance of a focused ICP: "We allowed our ICP to fray, replaced by a focus on a competitor. In our fight to prove that we could win against Alteryx, we over-rotated on any customer that might be interested in switching or considering alternatives. While being responsive to customers sounds good, being responsive to any customer creates a ... See more