There is a fine line between “The Idea” and actual practical application. In other words, your great idea can remain just a “great idea” if it has no use or value.
And many companies often fail because of this. For example, Juicero, a Silicon Valley startup with the aim to make juice-pressing effortless, has recently failed because it was simply useless. The company’s CEO, Jeff Dunn, has tried to defend the project by claiming that it was more about the experience than the product itself:
“The sum of the system — the Press, Produce Packs and App — working together is what enables a great experience. However, you won’t experience that value by hand-squeezing Produce Packs, which to be clear, contain nothing but fresh, raw, organic chopped produce, not juice. What you will get with hand-squeezed hacks is a mediocre (and maybe very messy) experience that you won’t want to repeat once, let alone every day.”
The rise and fall of various IoT startups has been noticeable over the past decade, but the ICO scene is still comparatively fresh and new. Nonetheless, there are already a number of projects that were either too ambitious to succeed or were simply a scam. From the historic failure of The DAO to “scamcoins” and “shitcoins” (there is literally a token called “Shitcoin”), the list keeps growing because the idea of building a useful and practical product is overthrown by inexperience, mediocrity, and greed.
If not taken seriously, the vision of this “perfect utopian decentralised world” can quickly turn into a disaster scenario ruled by Doge and Pepe (of course, we all know those coins are for joke… right?).
But enough negativity. What are your thoughts?
P.S. this is part of the original article written for UTRUST: https://medium.com/@UTRUST/utrust-real-life-example-a2263cc0f200