Building a sustainable business modeled on free.
Editorially, a tool you probably haven't used is shutting...
Building a sustainable business modeled on free.
Editorially, a tool you probably haven't used is shutting their doors. If you did use them, you have time to export your data and find another service provider.
But what happened? A clue comes from the linked blog post:
"We’re proud of the team and tool that we built together and incredibly thankful that so many of you were willing to give it a try. And we continue to believe that evolving the way we collaborate as writers and editors is important work. But Editorially has failed to attract enough users to be sustainable, and we cannot honestly say we have reason to expect that to change."
The emphasis is mine and details the key problem; sustainability. As read story after story of shuttered startup, they all tell the same story. While they were busy building a fantastic product, the money ran out.
Steve Blank (Lean Startup) says "a startup is an organization formed to search for a repeatable and scalable business model." But far too many startups (IMHO) don't get this, instead forming to create a cool product or service that everyone (obviously) will want to have, thereby positioning the company for a liquidation event. Before the money runs out.
In Editorially's case, some will question whether free is sustainable. Truthfully, I've questioned the same thing many times in the last nine years I've been running Podiobooks.com. But we're in a very different position than Editorially, so I don't want to paint a comparison.
Instead, I want anyone taking the free route -- which can pay off quite well -- needs to be focused on sustainability. Run ultra lean. Find generous partners. Praise, appreciate, and find ways to compensate those you're asking to do work, and don't be afraid to pivot if it looks like your business model isn't shaping up the way you thought it would.
Editorially, a tool you probably haven't used is shutting their doors. If you did use them, you have time to export your data and find another service provider.
But what happened? A clue comes from the linked blog post:
"We’re proud of the team and tool that we built together and incredibly thankful that so many of you were willing to give it a try. And we continue to believe that evolving the way we collaborate as writers and editors is important work. But Editorially has failed to attract enough users to be sustainable, and we cannot honestly say we have reason to expect that to change."
The emphasis is mine and details the key problem; sustainability. As read story after story of shuttered startup, they all tell the same story. While they were busy building a fantastic product, the money ran out.
Steve Blank (Lean Startup) says "a startup is an organization formed to search for a repeatable and scalable business model." But far too many startups (IMHO) don't get this, instead forming to create a cool product or service that everyone (obviously) will want to have, thereby positioning the company for a liquidation event. Before the money runs out.
In Editorially's case, some will question whether free is sustainable. Truthfully, I've questioned the same thing many times in the last nine years I've been running Podiobooks.com. But we're in a very different position than Editorially, so I don't want to paint a comparison.
Instead, I want anyone taking the free route -- which can pay off quite well -- needs to be focused on sustainability. Run ultra lean. Find generous partners. Praise, appreciate, and find ways to compensate those you're asking to do work, and don't be afraid to pivot if it looks like your business model isn't shaping up the way you thought it would.
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