Following Tolstoy, “All successful startups are alike; each failed startup fails in its own way.” Some startups fail because of flawed product execution. Some fail because of poor marketing. Some fail because they can’t get the right people. Some fail because they run out of money. Some fail because they did not understand the marketplace and the competition.
This story is about an anonymous company that failed for a relatively unique reason: a yawning gap between vision and product concept.
You might think that vision already implies a product concept. Yet actually the same vision can be realized via many product concepts. This particular company’s vision was to automate enterprise knowledge management and distribution. A wonderful vision, but one which could take the form of many different product concepts. For instance, one concept would be to build a monolithic, closed, smart knowledge management system. A very different concept would be to build smart knowledge management widgets that fit into and complement existing knowledge/content management approaches.