'You can’t comprehend everything'
Our venture was in full progress. We were talking to potential investors, had some presence on trade shows and developed a great vision for our product. The first problems appeared when I noticed that your developers didn’t quite deliver. There were a lot of frustrating moments for our team, as our product development was getting nowhere. We underestimated how complicated our application actually was. Then, the big shock. A technology giant for consumer products announced that their future products would completely prohibit our concept. This was a huge threat that would basically destroy our business model. It completely kicked us off the track. It surprised us terribly, as we didn’t even consider this turn of events for a second. You know, we already worked a year full-time on that project. We were in shock and started to doubt everything. That was the moment when we looked beyond our own nose. For the first time, we looked beyond our bubble and realized that a lot of competitors forming were going to jump into the market. The problems were piling up! Of course, we discussed that in our team, we looked for solutions, but we ran out of steam. After all, it’s a new business model that you can’t comprehend everything. We talked to friends and our coach to get some input and opinions. In the end, we found the courage to opt for a turnaround and we developed a no-go criteria to get back control.