So Sad to See #Katch Go…
For those of us who LIVE by Periscope & Meerkat, #Katch is shutting it down.
The reason: “We always saw Katch as a Hulu for live streaming. But if we were going to get there, we would need more resources (money, people, servers, time) that would enable us to move quickly to adapt to the increasingly competitive landscape and to mature the features for a wider group of users. We simply haven’t been able to secure the capital to do that.” — Katch
BUT…it’s not like they didn’t try to save the company. They really tried to raise the additional funding to continue its operations but still came up short.
Videos will stop being saved automatically as of tomorrow (4.22.16). In Katch’s #Medium article, they give details on how you’ll be able to download all of your saved videos from their server to your hard drive and/or upload them directly to YouTube — HOWEVER, as a caution, your comments will not transfer and some videos may be flagged for various reasons.
Is this unfortunate? Absolutely!
The reality: This is a vital lesson for all of us who are venturing into building legitimate business empires. ****INVESTORS CANNOT BE OUR ONLY/PRIMARY FINANCIAL RESOURCE.****
Marc Koenig wrote in article giving tips for nonprofits seeking grants that you should be nervous if a single major [investor] represented more than 20% of your revenue.
This stung me some kinda tough because I have looked for investors to front the full starting capital, never taking the above statement into consideration.
As sad as I am to see Katch go, I understand the dilemma. May we all take notes from the startup’s transparency and create ways to avoid similar pitfalls.
Til next time,
P.S. My prayers are definitely with the Katch team.