Dear Friends of Froomz,
After a ten-month long strategic partnership negotiation fell through, I have decided to shut down Froomz.
We started seeing organic growth (through word of mouth and search engines) and this was truly exciting, given the very limited marketing we’ve done, but it wasn’t enough to sustain the business. It’s time to reflect on what we learned, clear our minds and get excited about the next challenge.
It’s been a tough and rewarding three year journey. I’m extremely proud of my awesome team and what they accomplished. They were fierce, scrappy and innovative, consistently pulling off miracles with virtually no budget.
Froomz is by far the most interactive and dynamic venue booking platform in the industry. My happiest moments were times I spent with our clients, seeing the excitement our product brings to them. Even today, there are new venues registering through the site. I’m writing personal notes to thank them and will keep the site live until February 28th, 2014.
I’m disappointed that I was not able to create the critical mass that the venture community was looking for. I believed that capital investment was all that we needed to reach the escape velocity. In the past six months, I noticed that a few high profile, venture-backed competitors were either shutting down or on the visible decline. It started to make me question whether they all failed on execution or whether there were external factors.
I was warned that the event and hospitality industry might not be ready for what we are building. This is why I was determined to partner up with an industry leader to break the cycle. I now believe that the event and hospitality industry needs to evolve before it is ready to embrace a real-time marketplace.
I feel deeply indebted and grateful to my co-founder Mike Cody. To my team – Christina Dunham, Courtney McQuade, Helen Li. To my advisors – Rick Santos, Glen Stevick, James Lim, Tracey Rice, Michael McAllen, Peter Mullen, Bruce MacMillan. To my family, who put up with all the craziness while I was building Froomz. Thank you all for your unconditional support through the ups and downs.
Finally, to all of you, my dear customers, partners and all those who have supported us along the way – THANK YOU for bucking the trend with us and being part of the movement to transform the event industry. Who knows… if the event industry shapes up, we may blow the dust off the code and give it another shot.
I’ve got more thinking to do. If you’d like to bounce ideas, drop me an email at firstname.lastname@example.org.
In the meantime, we celebrate the end of Froomz and the beginning of a new adventure.
YAN HEIM | CEO, Froomz