Part I: The End Of The Journey.
This post is one of the most difficult things I’ve ever written. But as the founder of the great expedition we’ve embarked on, it’s my responsibility to announce both the beginnings and the ends. I’m sad to announce that over the coming weeks we’ll be closing down the Userfeeds organization.
This has been an incredibly hard decision for many reasons, so let me provide some context.
At the start of 2017 we raised the initial funding for Userfeeds. We predicted that the blockchain-based Web 3.0 stack would need a platform for ranking and discovering information based on crypto-economic relationships rather than links or likes. The Web would need something like Google PageRank, but for blockchains and tokens.
What happened next is probably true for many startups, but as a when you’re starting your first business you only realize these things with hindsight. We were able to build some really cool technology and hire a great team, but we failed to generate enough traction to secure the next round of funding.
Even though we’ve seen some promising results with the products built on Userfeeds tech, such as LinkExchange.io (AdSense For Tokens) and Cryptopurr.co (social feeds for Non-Fungible tokens), there just wasn’t enough excitement around them. Pivoting between platform-first and product-first approaches didn’t help the company either, as it diluted the core messaging and value proposition.
Running a startup is an emotional rollercoaster; one you can only really understand when you’ve ridden it yourself. In my case it was a rough ride, and the difficulties on the professional side very quickly became a personal struggle.
Given the circumstances and after talking to investors, it became clear that the best way forward is for me to step down. This will give both myself and Userfeeds time to reflect, recover and recharge.
As I step back, our co-founder Greg Kapkowski steps up. Greg wants to continue the vision we shared, and he’ll soon be launching a new company to take over the existing Userfeeds technology and develop it further. I fully support Greg in his mission to continue the project. You can read more about Greg’s vision for the Userfeeds successor here.
I’d like to take the opportunity to express my gratitude to our investors — Ciaran O’Leary and Philipp Banhardt from BlueYard (our lead investor) and Fred Ehrsam and Piotr Smolen who joined as angels. They have been extremely supportive throughout our journey, and if you’re an entrepreneur in the blockchain space looking for funding then these are the guys to talk to.
Finally, thanks to the team members who joined us on this expedition. I’m grateful for the opportunity and experience of working with you, and I’m looking forward to seeing what you build in your next big adventure.
