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 early� – 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€?
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About Andy Wibbels

Andy is an award-winning blogger and author of the book Blogwild! A Guide for Small Business Blogging. His work has been featured in The Wall Street Journal, USA Today, Entrepreneur, Wired, Business Week, Forbes, and other national and international media. He was worked at several San Francisco startups including Get Satisfaction, SAY Media, InMobi, Keas, and Mindjet. Currently, Andy is Director of Marketing at Lucidworks. Tw · Fb · G+ · Li

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