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 in
2014
Number of Founders
1
Name of Founders
Jason Horman
Number of Employees
11-50
Number of Funding Rounds
3
Total Funding Amount
$7.3M
Number of Investors
1

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.

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