Springpad failure

Springpad

Allowed users organize projects, ideas and to-do’s

Description

Springpad, a startup founded in 2008 was once considered an Evernote rival. The Springpad app was designed to empower users to clip, organize, and interpret all types of web content to create a comprehensive hub of articles, videos, images, recipes and more. The Springpad app was designed to empower users by organizing content.

Stats

Category
Productivity
Country
United States
Started
In 2008
Closed
By 2014
Number of Founders
One
Name of Founders
Jason Horman
Number of Employees
Between 11 And 50
Number of Funding Rounds
3
Total Funding Amount
$7.3M
Number of Investors
1
Precise Cause of Failure
Lack of Focus
Business Outcome
Acquired

Cause of Failure

On June 25, Springpad closed its doors. The company failed to develop a monetization strategy and despite their best efforts, things just didn’t work out in time. Although their product anticipated market needs, its market entry timing didn't work out for them. Before the company realized it, Pinterest, a competitor company was already doing the same - it was too late.  Springpad started facing financial difficulties that forced it to start looking for additional funding and even contemplating acquisition by major web players. In the end, Springpad was acquired by Google. The major reason for the shutdown was having a short-sighted focus and failure to develop a good strategy that supported its product.

Go on Reading

Other Startups

Springpad

Allowed users organize projects, ideas and to-do’s

General Information
Category
Productivity
Country
United States
Started
In 2008
Business Failure
Business Outcome
Acquired
Closed
By 2014
Cause of Failure
Lack of Focus
Founders & Employees
Number of Founders
One
Name of Founders
Jason Horman
Number of Employees
Between 11 And 50
Funding
Number of Funding Rounds
3
Total Funding Amount
$7.3M
Number of Investors
1
Description

Springpad, a startup founded in 2008 was once considered an Evernote rival. The Springpad app was designed to empower users to clip, organize, and interpret all types of web content to create a comprehensive hub of articles, videos, images, recipes and more. The Springpad app was designed to empower users by organizing content.

Cause of Failure

On June 25, Springpad closed its doors. The company failed to develop a monetization strategy and despite their best efforts, things just didn’t work out in time. Although their product anticipated market needs, its market entry timing didn't work out for them. Before the company realized it, Pinterest, a competitor company was already doing the same - it was too late.  Springpad started facing financial difficulties that forced it to start looking for additional funding and even contemplating acquisition by major web players. In the end, Springpad was acquired by Google. The major reason for the shutdown was having a short-sighted focus and failure to develop a good strategy that supported its product.

Go on Reading

Springpad

Allowed users organize projects, ideas and to-do’s

Productivity
Acquired
$7.3M
Lack of Focus
Productivity
United States
In 2008
By 2014
One
Between 11 And 50
Between 1M 10M
Lack of Focus
Acquired
Selltag

Platform for people to sell and buy items

e-Commerce
Shut Down
€325K
Failure To Pivot
e-Commerce
Spain
In 2014
By 2015
Four
Between 11 And 50
Less Than 1M
Failure To Pivot
Shut Down
Beepi

P2P used car online marketplace

Transportation
Acquired
$149M
Mismanagement of Funds
Transportation
United States
In 2013
By 2016
Two
Between 101 And 250
More Than 50M
Mismanagement of Funds
Acquired
OpTier

Cloud-based enterprise software business

Analytics
Shut Down
$118.1M
Bad Market Fit
Analytics
United States
In 2002
By 2014
Two
Between 51 And 100
More Than 50M
Bad Market Fit
Shut Down
Gowalla

Social Guide to world's cities

Social Media
Acquired
$10.4M
Competition
Social Media
United States
In 2007
By 2013
Two
Between 11 And 50
Between 10M 50M
Competition
Acquired
Alikolo

Online marketplace organization

e-Commerce
Shut Down
$100K
Lack of Experience
e-Commerce
Indonesia
In 2014
By 2015
One
Between 1 And 10
Less Than 1M
Lack of Experience
Shut Down