There was a time when Fab.com was considered by many to be one of the hottest tech startups in the world thanks to its wildly successful flash sale-based e-commerce service. The startup managed to pull in hundreds of millions of dollars in funding in a ridiculously short amount of time because of how much faith people had in it. But then it all came crashing down…
Two Takes
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The story of Fab.com and how NOT to run a billion dollar startup
Businessinsider
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Published February 8, 2015
TECHi's Take
On Friday, Oct. 11, 2013, Fab CEO Jason Goldberg gathered a dozen executives in the eighth-floor conference room of the company’s New York City headquarters. When the executives filed in, they were handed a five-page document. Goldberg sat at the head of the table, his expression somber beneath his salt-and-pepper scruff. He explained that Fab, a company that had been valued at $900 million just three months previously, was about to change drastically. Two-thirds of the company needed to be fired. Its European division would more or less be shuttered. The company had burned $200 million of the $336 million it had raised, and it had failed to find a sustainable business model.
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