GoPro – How a Hero is Losing Millions – A Case Study For Entrepreneurs
The Biz Doc dives into an interesting case study on GoPro who has gone from startup to millions to billions to losing profits. For those who have been vacationing on Jupiter, GoPro, Inc. is the American technology company founded in 2002 by Nick Woodman. It manufactures eponymous action cameras and develops its own mobile apps and video-editing software.
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From the Biz-Doc: THANK YOU to everyone who made a comment about Karma. You are correct!
1. I probably should have added that in detail – Karma was the drone that was (1) very late to the market – launched in October 2016; (2) performed badly and got recalled a month later when the battery suddenly would fail and it would crash and (3) got it’s butt kicked by DJI who was already in the market.
2. The core issue of trying to be a Media Company in 2014 was the strategic distraction to the company – and this distraction caused them to spend a TON of cash and directly caused them to lose focus on their core products. While on that path, they missed the rise of the drone market (the media team was laid off in December 2016, immediately following Karma) and played catch-up with a bad product.
3. All of this opened the door for cheap knock-off products to gain speed as well.
The rest is history…
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