Does having $2 billion in the bank account and celebrity backing guarantee success for a consumer app? Not necessarily.
Listen to how one company burned through almost $2 billion and had to shut down their app after just 6 months. Learn what Quibi did wrong, so you can avoid their mistakes.
Learning notes from this episode:
- Success in one field does not necessarily translate into another, especially without training. Quibi's founders used lessons from launching Hollywood blockbusters to launching consumer apps. This did not work.
- Follow the product development process, no matter how much money you have. Focus on the user. Do your research. Build in stages. Track user reactions at each stage and pivot if necessary.
- Only invest in large budget marketing after you've proven user need at small scale. Focus on retention metrics first, then on growth.
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