Evidence receipt / evaluation
Published · transcript-backedTom Conrad: evaluation
26 Nov 2023 Lenny's Podcast Billion dollar failures, and billion dollar success | Tom Conrad (Quibi, Pandora, Pets.com, Snap, Zero)
“It was a company that required additional investment to get to profitability. It was better to wind down early, take the money that we had in the bank and get it back to investors than to just spend every last penny on what was a fruitless attempt to salvage it.”
Source trail
Everything needed to verify it.
- Speaker
- Tom Conrad
- Attribution
- Verified speaker
- Claim type
- evaluation
- Recorded
- 26 Nov 2023
- Publisher
- Lenny's Podcast
Transcript context
…I saw a stat, I think you shared somewhere, that you took pets.com from nothing to a public company to completely out of business in 19 months. Yeah, I think that's about right. The other thing that's forgotten in the tale is that we actually didn't go bankrupt. We shut the company down and returned the remaining balance to the investors, which no public company had ever done before. The leadership team just reached the conclusion that given the way market conditions had evolved, there was just no way we were going to be able to get more capital into the company. It was a company that required additional investment to get to profitability. It was better to wind down early, take the money that we had in the bank and get it back to investors than to just spend every last penny on what was a fruitless attempt to salvage it. Did not know that. Let's talk about Quibi. What went wrong there? Do you think there was a path to Quibi having worked out? Any big lessons that you took away from that experience that you bring with you?…
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