Business

Fast burned through $10m a month with a shoddy product

Joe Pack

Fast - a buzzy fintech startup funded by Stripe - just went bust 💥

They inhaled $120m in VC funding, burned through it at $10m a month, and generated just $600,000 last year. So what went wrong?

Is this Theranos all over again? Marketing obsessed without the product to back it up!It looks like it.

Growth is fine. But not without a serious, reliable and substantial product to back it up.Fast lacked the measurable, and repeatable, process that ensures their growth and product development are in sync.

This, alongside an egotistical founder, cost them everything.

This is why we created The Tech Bootcamp™ process. If a piece of new technology or digital tool isn't adding value to your business by creating measurable improvement - you need to know. If it is, you also need to know. Either way, without the data you are flying blind.

This process saves us (and you) from our emotional and irrational chimp brain. And focuses on making logical decisions that lead to lasting growth.

Rather than playing a game of ‘how quickly can we set this cash on fire?’. We find the simplest thing we can do, for the least cost, to realise your ideas and get the best results.

Sadly, Fast has won the cash-burning gold medal. They should’ve got on The Tech Bootcamp™.👋🏼

Book a call