Frankly failure

Frankly

Messaging app for frank conversations

Description

Frankly.me was a Q&A social platform which targeted Indian users in particular, where people could directly connect to public figures to ask them questions. Questions with the most upvotes had the most chance of being seen and replied to by celebrities. Famous people could publish a 90 seconds video on the platform (‘velfies’ or vlogs, as they were referred to) to give a response to popular posts addressed to them. Furthermore, anyone could sign up and share 90 sec videos with other users.

Stats

Category
Social Media
Country
India
Started
In 2014
Closed
By 2016
Number of Founders
Two
Name of Founders
Abhishek Gupta, Nikunj Jain
Number of Employees
Between 51 And 100
Number of Funding Rounds
1
Total Funding Amount
$600K
Number of Investors
1
Precise Cause of Failure
Bad Market Fit
Business Outcome
Shut Down

Cause of Failure

The first reason that was advanced for the shutting down of the platform after less than two years on the market was that it wasn’t able to raise the necessary round of funding.

However, Nikunj Jain, one of the CEO of Franlkly.me, wrote a post to specifically deny that funding had been the major issue. He attributed the failure of their platform to not being able “to achieve sustainable product market fit”. Jain went on to say that despite the widespread video consumption in the market, the video creation process seemed to be a challenge.

In fact, it might be unlikely that public figures could find the time to commit to using this specific platform to reply to their followers with vlogs for the long term, especially if there were other platforms that could connect them to an international audience.

Go on Reading

Other Startups

Startup Cemetery

A big resource for entrepreneurs and startup owners, in which we have collected and analyzed why +100 big companies have failed. Learn from mistakes, and avoid being part of the 90% of businesses that fail.

Frankly

Messaging app for frank conversations

General Information
Category
Social Media
Country
India
Started
In 2014
Business Failure
Business Outcome
Shut Down
Closed
By 2016
Cause of Failure
Bad Market Fit
Founders & Employees
Number of Founders
Two
Name of Founders
Abhishek Gupta, Nikunj Jain
Number of Employees
Between 51 And 100
Funding
Number of Funding Rounds
1
Total Funding Amount
$600K
Number of Investors
1
Description

Frankly.me was a Q&A social platform which targeted Indian users in particular, where people could directly connect to public figures to ask them questions. Questions with the most upvotes had the most chance of being seen and replied to by celebrities. Famous people could publish a 90 seconds video on the platform (‘velfies’ or vlogs, as they were referred to) to give a response to popular posts addressed to them. Furthermore, anyone could sign up and share 90 sec videos with other users.

Cause of Failure

The first reason that was advanced for the shutting down of the platform after less than two years on the market was that it wasn’t able to raise the necessary round of funding.

However, Nikunj Jain, one of the CEO of Franlkly.me, wrote a post to specifically deny that funding had been the major issue. He attributed the failure of their platform to not being able “to achieve sustainable product market fit”. Jain went on to say that despite the widespread video consumption in the market, the video creation process seemed to be a challenge.

In fact, it might be unlikely that public figures could find the time to commit to using this specific platform to reply to their followers with vlogs for the long term, especially if there were other platforms that could connect them to an international audience.

Go on Reading

Netscape

Developed enterprise software solutions

Productivity
Shut Down
No Data
Poor Product
Productivity
United States
In 1994
By 2008
Three
Between 5001 And 10000
No Data
Poor Product
Shut Down
Admazely

Easy-to-setup retargeting for web shops

Marketing
Bankruptcy
$600K
Lack of Funds
Marketing
Denmark
In 2011
By 2013
Four
Between 1 And 10
Less Than 1M
Lack of Funds
Bankruptcy
Pixate

Platform for mobile interaction design

Design
Shut Down
$3.8M
Acquisition Flu
Design
United States
In 2012
By 2016
Two
Between 11 And 50
Between 1M 10M
Acquisition Flu
Shut Down
Poliana

Web application that simplified the legislative system

Analytics
Shut Down
$15K
Bad Business Model
Analytics
United States
In 2013
By 2015
Four
Between 1 And 10
Less Than 1M
Bad Business Model
Shut Down
Flud

Social news reader for different platforms

Productivity
Shut Down
$3.1M
Multiple Reasons
Productivity
United States
In 2010
By 2013
Two
Between 11 And 50
Between 1M 10M
Multiple Reasons
Shut Down
TeeBeeDee

Network for people over 40 to share experiences

Social Media
Shut Down
$4.8M
Bad Business Model
Social Media
United States
In 2007
By 2009
Four
Between 11 And 50
Between 1M 10M
Bad Business Model
Shut Down