Evan talks about how they screwed up Odeo:
- â€œTrying to build too muchâ€? â€“ Odeo set out to be a podcasting company with no focus beyond that.
- â€œNot building for people like ourselvesâ€? â€“ For example, Williams doesn’t podcast himself, and he says as a result the company’s web-based recording tools were too simplistic.
- â€œNot adjusting fast enoughâ€? â€“ The company thought its comprehensive web-based strategy would win out over the competition, primarily Apple, in the long term. â€œIt turns out long term is not soon enough for a startup if you’re trying to get a foothold.â€?
- â€œRaising too much money too earlyâ€? â€“ 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.
- â€œNot listening to my gutâ€? â€“ â€œWhen 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€?