89. How to burn $2 billion
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. --- Join the Tech for Non-Techies membership community. As a community member, you'll get: ALL of our courses (Tech for Non-Technical Founders, How To Speak Tech For Leaders and more) Monthly coaching with Sophia Matveeva Live masterclasses with global experts Supportive Online Community Library of masterclasses Exclusive Resources & Perks Learn more and sign up at https://www.techfornontechies.co/membership Say hi to Sophia on Twitter and follow her on LinkedIn. Following us on Facebook and Instagram will make you smarter.