Please remind me of several business cases when fast growing companies failed at once, and then were forgotten by people.
There have been several fast-growing companies that have experienced significant failures and have subsequently been forgotten by people. Here are a few examples:
1. Blockbuster: Blockbuster was once the largest video rental chain in the world. However, the company failed to adapt to the rise of digital media and streaming services, and declared bankruptcy in 2010. The company's brand and name have largely been forgotten in the years since.
2. Kodak: Kodak was once the leading company in the photography industry. However, the company failed to adapt to the rise of digital photography and smartphones, and declared bankruptcy in 2012. While the company still exists today, it is a far cry from its former glory and is largely forgotten by consumers.
3. Enron: Enron was a company that specialized in energy trading and was once one of the largest companies in the world. However, the company was involved in a massive accounting scandal and declared bankruptcy in 2001. The company's name has become synonymous with corporate greed and fraud, and is largely forgotten by the public today.
4. Pets.com: Pets.com was an online retailer that specialized in pet supplies. The company was famous for its sock puppet mascot and its high-profile advertising campaigns. However, the company failed to generate enough revenue to sustain its operations and declared bankruptcy in 2000. The company's name and brand have largely been forgotten in the years since.
5. MySpace: MySpace was once the dominant social networking site, before Facebook became popular. However, the site failed to keep up with changing trends and user preferences, and was eventually surpassed by Facebook. While MySpace still exists today, it is largely forgotten by consumers and has become a relic of the early days of the internet.
What about some recent startups?
Sure, here are a few examples of recent startups that experienced rapid growth but ultimately failed:
1. Theranos: Theranos was a startup that aimed to revolutionize the healthcare industry with a blood testing device that could detect a wide range of diseases with just a single drop of blood. However, the company was exposed for misleading investors and the public about the efficacy of its product, and was forced to shut down in 2018.
2. Juicero: Juicero was a startup that created a high-tech juicer that could squeeze pre-packaged bags of fruits and vegetables to create fresh juice. However, the company struggled to sell its expensive juicer and faced criticism for the high cost and environmental impact of its proprietary juice bags. Juicero ultimately shut down in 2017.
3. Quibi: Quibi was a startup that aimed to disrupt the streaming video market by offering short-form, mobile-only content. The company raised over $1 billion in funding but struggled to attract subscribers and ultimately shut down after just six months in operation in 2020.
4. Tilt: Tilt was a social payment startup that aimed to make it easy for groups to collect and split payments for events and activities. However, the company struggled to attract and retain users and was acquired by Airbnb in 2017, which eventually shut down the service.
5. Jawbone: Jawbone was a wearable technology startup that created fitness trackers and other health-related devices. The company experienced rapid growth and was valued at over $3 billion at its peak, but struggled with production issues and intense competition from other wearable technology companies. Jawbone ultimately filed for bankruptcy in 2017.
Do you know more recent examples?
Yes, here are a few more recent examples of fast-growing companies that ultimately failed:
1. Blue Apron: Blue Apron was a meal kit delivery service that grew rapidly after its launch in 2012. However, the company struggled with high costs and intense competition from other meal kit delivery services, and its stock price plummeted after it went public in 2017. Blue Apron has since pivoted its business model and is still operating, but it has largely been forgotten by consumers.
2. MoviePass: MoviePass was a subscription-based service that allowed users to see a certain number of movies per month for a flat fee. The company grew rapidly in popularity in 2017 and 2018, but struggled with high costs and unsustainable business practices. MoviePass eventually shut down in 2019.
3. WeWork: WeWork was a co-working startup that grew rapidly after its launch in 2010, and was valued at over $47 billion at its peak. However, the company's business model was called into question after it filed for an initial public offering (IPO) in 2019, and its founder and CEO was ousted amid allegations of mismanagement and self-dealing. WeWork's valuation has since plummeted and the company has undergone significant restructuring, but its name has become synonymous with the excesses of Silicon Valley.
4. Quirky: Quirky was a startup that aimed to democratize product design by allowing anyone to submit an idea for a new product and receive a portion of the profits if it was successful. The company grew rapidly after its launch in 2009, but struggled with high costs and poor execution. Quirky filed for bankruptcy in 2015.
5. Vine: Vine was a social media app that allowed users to create and share short-form videos. The app grew rapidly in popularity after its launch in 2013, but struggled with intense competition from other social media apps like Instagram and Snapchat. Vine was eventually shut down by its parent company, Twitter, in 2017.