quibi

quibi

Image by Master1305/ Shutterstock

When thinking about tech giants like Facebook, Amazon or Google, it’s hard to imagine their weak and humble beginnings. When going from nothing to something, the founders of these companies all had similar startup journeys - they started with a minimum viable product or MVP. In the same way you can’t build a house without laying the foundation, you can’t create a successful product without building an MVP.

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Courtesy of the Upfront Summit

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Jeffrey Katzenberg didn’t mince words when addressing the elephant in the room during his appearance at the Upfront Summit on Wednesday—saying he learned valuable lessons from the rapid demise of his short-form TV app Quibi.

“I'm humbled by [Quibi’s] failure; I’m glad we got out when we did and we were able to return money to investors,” Katzenberg said onstage at the venture capital conference in Downtown Los Angeles. He argued that while Quibi’s content was solid, the startup “didn’t have product-market fit”—alluding to its April 2020 launch amid the early days of the coronavirus pandemic.

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