Quibi, a $1.8B funded startup, shut down in 6 months due to various reasons like poor content quality, bad timing with the pandemic, and slow adaptation to market changes.
The founders of Quibi, despite raising significant funding, failed to create content that stood out and did not differentiate themselves enough from competitors like Netflix and YouTube.
Quibi's high subscription fee, lack of value for users, and an internal founder dispute also contributed to its downfall, highlighting the importance of understanding consumer needs and effective leadership.
The Product Management organization struggled with defining and prioritizing work, leading to underutilization of engineers and ill-defined requirements.
The Product Managers faced challenges due to analysis paralysis, fear of making mistakes, and a desire for full consensus before decisions.
To address the issues, a bold approach was taken to focus on building the muscle of delivering change, removing fear barriers, and banning A/B tests to prevent decision-making delays.