Even with a seasoned team and strong funding, Quibi shut down after six months. Here’s what you can learn from it.
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Quibi started with a vision to create the “next generation of storytelling” but announced a shutdown after just six months of being in business. They had everything in place — a robust and credible team, close to $2 billion in funding, famous Hollywood celebs onboard and an optimal time for launch. In an open letter released recently, Quibi’s team assures that it wasn’t the lack of trying that brought them where they are and that they have “exhausted every option.”
Here are three takeaways for entrepreneurs from Quibi’s fiasco.