4Chan’s Founder, Chris Poole (Moot), posted on his blog yesterday announcing the failure of his startup DrawQuest. DrawQuest, is a unique social drawing app that allows friends to assist each other in completing drawings and interact with their peers through it as well. In the past year it’s been downloaded more than 1.4 million times, and is currently used by about 25,000 people a day, and 400,000 last month alone. Retention and engagement are great. And yet Drawquest still failed.
Chris Poole mentioned that this is a hard hit for him because it is his second time failing in a roll. Before Drawquest, Chris built another startup named Canvas. That wasn’t so successful as well. The main reason behind the failure was the lack of monetization. Advertisement and downloads was not enough to pay off a group of hard working staffs and investors.
In Chris’s Tumblr post he said,
I’m terribly saddened that this may spell the end for our wonderful community, but it’s my goal to use what little money we’ll have left after the wind-down to keep the service alive for another few months. However as of today the team has gone their separate ways, and our doors are effectively closed.
I’m disappointed that I couldn’t produce a better outcome for those who supported me the most—my investors and employees. Few in business will know the pain of what it means to fail as a venture-backed CEO. Not only do you fail your employees, your customers, and yourself, but you also fail your investors—partners who helped you bring your idea to life.
After all, I did just receive a highly selective, four-year education for a mere $3.6 million dollars! (I find humor helps as well.)
The app is downloadable in the app store and Chris encourages his fans to email him directly at firstname.lastname@example.org to share their feelings.
Other startups that didn’t make it:
Chris’s tumblr post here: