Yik Yak, Fab.com, Vine…all were great startups set to have fantastic growth and change the way we socialized, created and shopped in the new decade. They all were exciting, had new ideas and were fun – so where did they go? What happened? Why did they disappear??
Each of these three startups had something unique and new that captured the attention of a large consumer base, but unfortunately for each they didn’t understand the reason their business idea worked as well as it did (their “why”). Without that, they weren’t able to plan for future problems, healthy growth, and stability with staffing and fiscal issues while maintaining their unique place within the market.
Vine is not so much like the other two startups in that it was purchased by Twitter before it actually launched and was pushed out of the market by other video platforms which allowed users to make videos that were seconds longer and that transferred across various medias. But Fab.com’s push for accelerated growth lost them their ‘soul.’ Sales suffered, money ran out, and the once flourishing business crumbled.
Thankfully, we are now living in an era where honesty is appreciated, and business leaders are willing to share with others the mistakes they made so others can avoid them. The article by Serene Chen for Medium.com below illustrates the stories of these three companies and what the owners and creators would have done differently if given a second chance.
Read on to know the reason why these startups ultimately failed, despite a highly engaged user base and industry buzz.
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