Silicon Valley based EverPix (picture collection startup) was started in 2011, raised $2.3mn and had to shutdown as they couldn’t raise the Series A round.
In a typical UnPluggd fashion, founders acknowledge they made mistakes along the way. They spent too much time on the product and not enough time on growth and distribution.
The first pitch deck they put together for investors was mediocre. They began marketing too late. They failed to effectively position themselves against giants like Apple and Google, who offer fairly robust — and mostly free — Everpix alternatives. And while the product wasn’t particularly difficult to use, it did have a learning curve and required a commitment to entrust an unknown startup with your life’s memories — a hard sell that Everpix never got around to making much easier.” [from an interview/forum]
Giving Back..When You Got Nothing
Shutting down one’s startup isn’t really what entrepreneurs ever plan for. But the founders, who announced the shutdown in November 2013 have taken a step further and shared all possible piece of data they could, with the community.
“With the Everpix shutdown behind us, we had the chance to put together a significant dataset covering our business from fundraising to metrics. We hope this rare and uncensored inside look at the internals of a startup will benefit the startup community.”
Here are some example of common startup questions this dataset helps answering:
- What are investment terms for consecutive convertible notes and an equity seed round? What does the end cap table look like? (see here)
- How does a Silicon Valley startup spend its raised money during 2 years? (see here)
- What does a VC pitch deck look like? (see here)
- What kinds of reasons do VCs give when they pass? (see here)
- What are the open rate and click rate of transactional and marketing emails? (see here)
- What web traffic do various news websites generate? (see here and here)
- What are the conversion rate from product landing page to sign up for new visitors? (see here)
- How fast do people purchase a subscription after signing up to a freemium service? (see here and here)
- Which countries have higher suscription rates? (see here and here)
- What frustrates people the most abour their photo collection? (see here)
- Do people actually edit their digital photos? (see here)
- What would it take to acquire customers through online ads in such a business? (see here)
Now, that’s what is called as the art of giving back, even when the founder couldn’t make it big/faced numerous rejections.
Hats off to Everpix founders!
[Image credit: Verge]