Which venture of Jeff Bezos failed?

In the startup environment, it is a habit to talk about successes to keep our hopes alive for the future, but it is a big mistake to forget the failures of the past and not benefit from the experiences of the past. For this purpose, the Ecomotive team has collected the experiences of a series of failed startups, so that reviewing their failed stories may be a basis for the success of new startups in Iran’s startup community. This collection will be published and made available to the audience in the form of the story of failure. We review the fourth part of this series, which deals with the story of Chacha’s startup failure.

Chacha, named after the Mandarin Chinese word “cha” meaning “to search”, launched its alpha version on September 1, 2006. Its beta version was released on November 6 of the same year. According to Chacha, 20,000 prescriptions were registered by the end of the year, and the company managed to receive US$6 million to invest in its development. Among the companies that invested in this startup, we can refer to a private investment company named Bezos’ travels with ownership Jeff Bezos He mentioned that he is also active in Amazon. to report Mogonews Chacha’s first IPO funding was $14 million plus a $2 million grant from the 21st Century Technology Fund.

On March 17, 2009, Chacha announced the sale of a new round of shares worth $12 million, the layoff of 25 employees, and a 10% pay cut for the remaining 56. The new investment brings the total to $43 million, though an independent estimate puts the figure at $58 million. A month later, Brad Bastick, one of the founders of the company, stepped down as the chairman of the company, declaring that Chacha no longer needed his actions. He pointed out that the company has tried and fought for profitability in the current state of global recession.

July 2010 by Chacha Lead 411 It was recognized as one of the “most attractive companies in the Midwest”. In August 2011, the company launched its text messaging-based service in the UK, and in the same month it was reported to have answered more than 1.7 billion questions.

April 2012, Chacha stopped its activities in the UK and the reason for this was the relative low Advertising engagement rate in England for the services he knew competitive price have. This incident was a warning for the continuation of the company’s activities.

Finally, in December 2016, Chacha was unable to pay his debts due to the continued decrease in income from his advertisements. As a result, the main lender who founded the company; Scott Jones emptied Chacha’s bank accounts without revealing his name. “We sold some of our assets, but it wasn’t enough to meet all of the company’s obligations,” Jones added. Unfortunately, our creditors and shareholders, including myself, will be disinvesting soon.

In the coming days, we will share more startup failure stories with you. Failures that the right look at them can provide the basis for our success!