How Odeo Screwed Up

Evan talks about how they screwed up Odeo:

1. “Trying to build too much� – Odeo set out to be a podcasting company with no focus beyond that.
2. “Not building for people like ourselvesâ€? – For example, Williams doesn’t podcast himself, and he says as a result the company’s web-based recording tools were too simplistic.
3. “Not adjusting fast enoughâ€? – The company thought its comprehensive web-based strategy would win out over the competition, primarily Apple, in the long term. “It turns out long term is not soon enough for a startup if you’re trying to get a foothold.â€?
4. “Raising too much money too earlyâ€? – Williams seeded the money with $70,000 of his own money, and after the TED excitement added another $100,000. After he tied up over a million in angel funding, a term sheet came through from Charles River Ventures at three times the angel round valuation. They took the money⁵.
5. “Not listening to my gutâ€? – “When you’ve got a bunch of money and you’ve hired a lot of people and you’re talking to your board and you’re talking to reporters, your gut can get drowned out.â€?