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.
Allowed users to store and collaborate on design work
LayerVault's idea was to build a high-growth business in the design industry. The app helped you store, track, review, and deliver design work. The platform also gave its subscribers unlimited file storage and real-time updates and it had a companion iOS app. It built some good technology that explored new ideas and addressed a common need (pain) in the design community.
According to Kelly Sutton, LayerVault's CEO, the company was facing financial challenges. As a result, they exhausted their existing capital reserves and were unable to secure additional capital to sustain their services. The success of any business lies in its bottom line. LayerVault had many happy customers who routinely used the service and the way it integrated with other platforms, but it failed to build enough traction and become the go-to destination for version control.
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