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Be Amazed

Worst Startup Business Fails

Be Amazed

Be Amazed

Science, Society & Culture, History, Leisure, Documentary

5710 Ratings

🗓️ 27 November 2023

⏱️ 13 minutes

🧾️ Download transcript

Summary

Lots of start-up businesses have failed despite millions of dollars in investments. Let's take a look at some of the most hilariously tragic startup fails ever.



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Transcript

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0:00.0

Many startups fail, but some fail so spectacularly that they become forever enshrined in notoriety.

0:07.0

Whether it's wildcard, wannabe rock star CEOs, false advertising, or generally ridiculous ideas,

0:14.0

some startups are destined for an explosive demise.

0:17.0

Strap a pillow to your hand and prepare to face palm yourself into oblivion as we explore some of the most hilariously tragic stories of failure in startup history

0:27.6

you're listening to be amazed number 10 clinkle before apple pay and Google Number 10.

0:39.2

Clinkle.

0:40.0

Before Apple Pay and Google Wallet became the pervasive forces they are today,

0:44.1

a promising app seemed likely to take the newfound mobile payments market by storm.

0:49.2

Clinkle, founded by Lucas Duplin in 2011,

0:52.7

once enjoyed investments from the likes of Richard Branson,

0:55.0

and raised 25 million in a matter of three months.

0:59.0

The extent of their confidence that Klingle would eventually make paper money obsolete

1:03.0

was demonstrated in a leaked photo showing Duplin and Branson burning piles of fake money.

1:08.0

But this confidence came long before the final product was ready,

1:11.8

and it would be three years before a restricted access version was released at college students.

1:17.0

To make matters worse, the app barely worked, and other services like Venmo and Apple Pay were

1:22.1

rapidly taking over the market. All that high blood and nothing more than a rapid spinning spree

1:27.0

in an effort to get things on the ground. And employees hype led to nothing more than a rapid spinning spree in an effort

1:27.5

to get things off the ground. And employees began to quit in mass and protest of their unreliable

1:32.6

CEO.

1:33.6

2015 saw Klinkle's eventual demise mere months after the publicly available version finally launched.

1:39.9

It seems fate isn't a big fan of obnoxious overconfidence.

...

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