Suffocating In Tech – Gasping For Value
Why Silicon Valley’s “We Know Better” mindset burns cash but creates little real value
We often see tech entrepreneurs as pioneers who make the world a better place to live. But we could also see them as a bunch of irresponsible, childish nerds burning through billions on their pricey toys—money that could’ve saved thousands of lives.
Silicon Valley’s mindset is not creating great products for customers. It's building stuff that seems cool to its creators – and then convincing everyone else to buy it.
Burning $400.000 an hour
This startup burned $1.75 billion in six months, or about $400.000 an hour, and shut down. It was Quibi.
In 2020, it promised to transform the way people are entertained. But today, its name is a synonym for failure.
Quibi tried to build a shortform video streaming service to allow users to watch videos on the go.
The Verge found 11 reasons why Quibi failed, but I’d like to quote reason #10: “I can not stress this enough: Quibi didn’t work because no one at Quibi knew what it should be, what people wanted, or how people use …