Failure #1: “I had the Next Big Thing”
An idea has no value as such.
Failure #2: “we were considered the leader”
Never overestimate the competition.
Failure #3: “We thought, ‘We’ll attack this problem a few years before Microsoft and Oracle notice it and recognize it as a problem.'”
Never underestimate big companies resources.
Failure #4: “We would’ve spent another three months head down developing it, without a business model or any way to keep paying the rent…”
Developing without any conversion idea is worthless. No money, no future.
Failure #5: “The business decision to focus on technology and avoid building a consumer application had a significant impact [on the eventual failure].”
Technology has no bank account.
Failure #6: “My billion dollar idea was described as “tired” and “annoying'”
Long lasting fun is the best way to sell.
Failure #7: “Issues with money, traction, team, and vision”
Failure #9: They gave away a service for free, and ran out of cash to pay the bills