3 ms·
They were trying to sell a $700 custom designed lock based on its “user experience”. How much sense do you think this management team had?
by valuearb 9y ago
They were trying to sell a $700 custom designed lock based on its “user experience”. How much sense do you think this management team had?
- coldtea 9y ago>They were trying to sell a $700 custom designed lock based on its “user experience”. And they were succeeding. That was not their problem. And the average penny pinching Joe wasn't their target at first anyway. You'd be surprised what people buy, and how many buy it, for way more than $700. Even smartphone covers.
- brucephillips 9y ago> And they were succeeding. Were they? Source? How big was their beta? What was their revenue? Beta users will bias toward early adopters, and often not represent the mainstream market necessary to make a company profitable. EDIT: I just read that they had ZERO revenue. So they certainly weren't succeeding.
- solarkraft 9y agoThey took preorders.
- brucephillips 9y agoDo you know how many they sold? If they received money from pre-orders, why does he say they were four weeks away from revenue?
- valuearb 9y agoTheir preorders weren’t near enough to keep the doors open. Management has sone wealthy people, and it wasn’t enough to even get them to toss in enough money to get to that “imminent” launch. The CEOs excuses make near zero sense.
- brucephillips 9y agoIf this is true, my guess is they didn't actually have any investor interest, and the acquisition offer was really more of a desperation move than a dumb strategy.
- notyourday 9y agoPre-orders = liability.
- valuearb 9y agoThey didn’t succeed, they were utterly failing. Read the employees comment. They couldn’t raise money because VCs realizes their product was too expensive and uncompetitive in the market. Their acquisition opportunity was a last ditch attempt to save the company.