This is right. It was clear we weren't going to be able to raise another round of financing, and even if we could, it was unclear how that would enable us to change the state of the things, namely that our business didn't represent a startup opportunity. Frankly if someone had offered me a term sheet, I wouldn't have accepted it.
We didn't really have many options. We tried to build a business and failed. We could have tried to raise a bridge financing -- but what are we bridging to in that case? A financing (no), an exit (also not an option, as we found)?
Ultimately spinning things down into a skeleton state and doing our best to operate the service for the coming months (heck, maybe years) was the only path forward.
Re: the OP, I think 400k MAUs is actually pretty decent for a mobile app, but maybe I'm mistaken.
Hi - congrats on the openness about DrawQuest.
Did you consider building cloud based offering for DrawQuest that would allow consumers to save their drawings onlike and or share kids drawings with family members?
Or selling physical products like Paper did?
We didn't really have many options. We tried to build a business and failed. We could have tried to raise a bridge financing -- but what are we bridging to in that case? A financing (no), an exit (also not an option, as we found)?
Ultimately spinning things down into a skeleton state and doing our best to operate the service for the coming months (heck, maybe years) was the only path forward.
Re: the OP, I think 400k MAUs is actually pretty decent for a mobile app, but maybe I'm mistaken.