FST Fails

By: Dan Gelinas, Published on Jul 17, 2018

FST was one of the hottest startups of the decade, selected as the best new product at ISC West 2011 and backed with tens of millions in funding.

Now, the company is ceasing operations and looking toward something new.

In this note, we share feedback from the company, examine the challenges they faced, criticism from an investor, a new retail-focused company and lessons for this generation's face startups.

*** *** *** ** the ******* ******** ** the ******, ******** ** the**** *** ******* ** ISC **** ******* ****** **** **** of ******** ** *******.

***, *** ******* ** ceasing ********** *** ******* toward ********* ***.

** **** ****, ** share ******** **** *** company, ******* *** ********** they *****, ********* **** an ********, * *** retail-focused ******* *** ******* for **** **********'* **** startups.

[***************]

FST *********

*** ********** *** ********* for **** **** *** company "*** ****** *** operations." *** ******* *** company **** "******* *** contractual *********** ** *********** an ******** ******* ****" for ******** *** *******.

** ** **** ***********, FST *** **** ** other ****** ********* *** notice ** ***** *******.

Ambitions - *** *** *** *** *** **** ********

*** *******, ******** ********* ***** ******* *******, ***** ** **** 'you' *** *** *** your ********, ************* ******, voice, **** *** ***** analytics ** ******** ******** individuals ********* ***** *** secure ****** ** **********. This **** ***** ******** the *******'* *****:

Challenges *** *** *******

** ******* ***** **** a ****** ** ********** for *** *******:

  • ******* ****** ** ******* raised
  • *** ******* / ** profits
  • *********** / ******** **********
  • **** ***** *****

***** *** ************* ** ***** $** million ** *******, ********* ***** ****** control ** * ********** small ****** **** ***** it **** ** ***** the ******* ****** ********* to ******* **** **********.

*** ******* *** *** profitable **** ****** ******* under $** ******* (******* significantly ****), ********* ** sources ***** ** *** company. ** ********, *** company *** **+ *********, which ******** ** * significant ******* **** ****.

*** ******* *** *********** challenges, ********** ******* **** factors **** ** ******** (too ******, *** ****), positioning ** *******, *** people ****** (** *** not ****) ** *** camera, ******* ****, *******, etc. **** **** ** harder ** *** ***** and ******** **** **** and ******* ** ****** that ******.

****** ** **** **** challenging, *** ***** ***** never **** **** ** be ********** **** ***** access ******* ********* - even ***** ********** ***** offerings. **** ** *** price ***** ******** **** the *****, *** ****** still **** ** *** range ** *** ********* of ******* *** **** to ***, *********** *** number ** ***** *** would **** ******** ****.

Criticisms **** ********

*** ******* *** ***** public ********** **** ** investor / *******,**** ***,*******:

New *** / ********

** ****,*** ******* ** * new ********,*** ******** ******-******* ******* *******. His ********** ******** ***** the ******** ** ******, a ******** *** ******** company ** **** ** bringing ******* ** * "multi-billion-dollar **********" ****** *** company *** **** ** POS ******** *** ******** provider ***.** ********** ******** ** IPVM, ***'* *** ********** conceived ********* **** ***** multi-tenant ******* *** ********** installations. ******* ** ***** has ****** *** ************ well *** ***. *******, new ******** **** *** been ******** *** *** business *****. ******, ***'* own ******* ******* ********** new ****** *********, ** shown *****:

*******, ***** *** *** confirmed **** *** ******* operations, **** ** *** coming ** ***.

Launch ** ******** *** ******

********** * *** ******* geared ****** ********** *********** intelligence ** ********* ***** ** *** ** FST's *** ******* ******* *** *********. While *** ******** ** comment ** *** ************ of *** *** *********, sources *** ***** *** been * **** ** place *** * ***** to ******* **** **** security *** **** **** toward * ******-******* ******** that ***** ******* ****** management *** ***** ** knowing **** * *** customer ******* *** *****.

******** ** **** ********. The ******* *** ***** details ******* ** *** concept ** *********** ***** shoppers.

** ** *** ***** how *** ******** ****** will ********* **** (*.*., whether ** ** *** facial *********** ** ****** phone ******** ** ***** means).

** *** ******** ****, Naor's ****** ********** *** his ********** *** **** them ** **** *********.

****** ********* **** ***** own **********. **** *** potentially ** ** *****. Many ********* **** ***** for **** *****, **** with ******* *******.

Lessons *** ****** *********** ********

******** ******* ****** ** treated **** **********.**** **** ** *** laudings *** ********: ********* **** ******, SSI, *** / *** West, ***, ******** *****, Frost & ********, ****, ESA, ***, ***.

**** ***** ********* *** challenges *** ********. *** would ** *** **** go *** * ******-*********** access ******* ******** **** could **** **** **** five ***** **'* **** reader *** **** ********** cousin?

******** ******** ******. *** fact ** *** ****** is **** ****** ******* just ***** ** ****, and ** ***** ** do ** ** *** face ** *** **********-- the ******'* *** ***** and *** ****** *** up (********, ***********, ***.).

***'* ******* ***** ** an *********** ******, ** a *** ********** ** facial *********** ******** ***** great ********. **** *** eventually ***** **** *** they ****** ********* ******** the ******** ** ****.

Comments (16)

John Honovich

IPVM | 07/17/18 02:54pm

* **** ********* *** ******* ** ****. ***** **** ** *** ***** **** *** ***** **** post, **** ** *** *** **** *** **** *** ***** work ** ** **********, ** ***** ******** *** ** ***. Look *** **** ******** ********* **** ***!

Thumbnail dgelinas headshot

Dan Gelinas

IPVM | In reply to John Honovich | 07/17/18 03:15pm

***** ***, ****! *'* ******* ******* ** ************.

Undisclosed #1

07/17/18 03:16pm

*******, ***!

***** *******, * **** **** *****!

Thumbnail dgelinas headshot

Dan Gelinas

IPVM | In reply to Undisclosed #1 | 07/17/18 05:01pm

******!

Undisclosed Integrator #2

07/17/18 06:49pm

*** ********* **** *** ****. *** *** ********* ********** **** lighting **********. ** *** ********* *** ******* *** ********** ** my *******.

Undisclosed End User #3

07/17/18 08:14pm

** ****** ** **** **** ******** *** ** *** ***** of ***** *********** **** *** ****** ******* ******. ** ******* looking *** ******* **** **** ******* ** ***** * **** or **** ********** *****.

Thumbnail dsc00412 2

Jonathan Lawry

Trecerdo, LLC | 07/18/18 12:16pm

...**** ***** ** ****, *** ** ***** ** ** ** in ********* *** **********...

****** ***....****** ****** **.

Thumbnail dsc00412 2

Jonathan Lawry

Trecerdo, LLC | 07/18/18 12:24pm

****** *********** ** *** *****-**** **** *** ***** *** **** wide-eyed ***** ****** ******* ********* ** *** ****** ** * sad *****.

****** ******* ***** ** ** ** ******** ** * **** swipe. ******** **** **** **** ** ** ****** *******, ** using ****** *********** ** ****************** ** ****** ** *******. **'* ** ** * "*********" mechanism, *** ***** ** ** *** **** **** ** ********** is ********** ******.

* **** ******* ****** *********** ********* ** *** ****, *** my ****** ** ****** *** ****: ****** ** *******, ****-**********, etc....************ *** ******** ******* **** **% ** ********. ** *** can ************** **** ******* *** ** ****, ** *** ***** ***** out ** * *******, *** **** ******** *****. *** **** one ***** ****** *** ** * ******* ** ****** *******? You *** *** ** ***** ** * *****....** ******.

John Honovich

IPVM | In reply to Jonathan Lawry | 07/18/18 12:39pm

***** ** ** *** **** **** ** ********** ** ********** flawed.

******.

*** *******, ** ******, ** **** **** ***** ***'* **** makes ** ****** *** ****** *** ****** ** ***, ****** when *** **** ****** ******* ******** ** ******* ***** ***** and ******** *****.

** *** ***** ****, *********'* *** ******* ********** '**** * door **** * ******':

John Honovich

IPVM | 07/19/18 12:57am

***** **** *** ********* ** **:

* ****** ** ****** *** **** *** ***** ** ********* of *** ********** *** ******* ** ***** *** ******* ********** of *** *******, ********* *** ****** ******* ********. *** ******** was **** **** ***** *** ** ** *** ******* ** being ***********.

**** ********, ***** *** *** ** **** *** ** *** means, *** **** ***** **** ********** *** ************ ******* ****** and *** **** ** *** *****. *** ****** *** *** decision ** ******* ** **** ** ***** ** *** *** company. ** *** ********** ** ***** ** **** *** ******* open, ********* **** *** **** *********, *** ***** ** **** unable ** **** ****** ******* ** ******** *********.

** ********** *** ************* ** **** ******** ** *** ********* and ** **** ** ******** ** *** ** **** *** cessation ** ********** ** **** ** ********. ** ***** ** mitigate *** ****** ** *** *********’ **********, *** ******* *** decided ** ****** * ******* **** **** **** ******* *** company’s *********** *********** ******* ** ******* ******* ********** *** **********. The ******* **** **** ** *********** ***** **** ****, ******** all **** ********* *** **********.

* ****** ****** ****** *** **** * ********** **** ******** and ******* **** *** *****. ** ********** **** **** ** not **** *** *** *** **** *****, *******, * ** sure **** *** **** ** **** ** **** ******* ****** to **** **** ****** ******* *** ************** ***** **** *** many ***** ******* ** *** ******.

** *** ********* ** ****** *** ********* **** *** *** have. *** *** ******* *** *** **** *** ***** *********@*****.****** ** **** ******* ****** ******* ******* ******** *****.

** * ** ** *** ********, * ***** *** * replacement ** *** **** ****. ****** ** ******** ** *** of ******** ********** ****** ******* ****** ** ****** ***** ** cause **** ******** **** *** *****.

****, *********** **** ***** ** ** ******* ** ********, ***** the *** ** ******* ****** ** **, ***** ** ********'* own *******.

Undisclosed Integrator #4

In reply to John Honovich | 07/19/18 01:16pm

*** **** **** *** ************ ******** **** ***** **** ****, say ** ******* ****** ******* ************, ** **** *** ************** of ******** *** ******* *** ******** ** ******* **** *******? That ***** **** *** ****** ** ******* **** ******* *** the ******* ** **** *** ****, ** **** ***** ********* customers **** ** *** *** ** ********** *** *** ******* the ******** **** ******* ***** ******* ***** ********* ** ***** own ********.

**** ******** *** **** ** **** ****** *** ***** **** done ** *** ******** ** ***** *********.

John Honovich

IPVM | In reply to Undisclosed Integrator #4 | 07/19/18 01:37pm

**** ********/*****. * ** **** **** **** **, *** ******** that ** ** ** ******, * ***'* ****.

*** ********* **** ******** ** ******* ** *** **** ** / ********** ** ***** ** ********.

Undisclosed Integrator #7

In reply to John Honovich | 07/23/18 09:00pm

* **** **** ** *********** **, ***** ****** *********** ********* was ******** **** ******* *******. **** *** *+ ***** ***.

** ***** ** ********** **** ** * **** *** * different *********. ** ****** **** *****, ** *** **** ***** dependent. * ***** **** ***** ******* *** ********** **** **** arrogant. **** * ***** ****** ******, ** *** ****** ********* that * *** ***** ** ********* *******. * ***** ***** have ** ***** **** ******* *** ******* *** ***** ******** complaints *** ***** ***** **** ********* ** *****. ** *** very ********* *** *** * **** **** ** * ********.

Undisclosed #5

07/19/18 01:52pm

*****'* *********** ********* ********** *** ****** ******* ***** * *** of *** * *********** *** ******. ******* ****** ******** *** to ***** *****, ** ******* ** ****** *** ** ********* credential ******** ** **** ******* **** **** *** ****** ******* market ******** ** ****** ***** ** ***** ********* ** ***********-***** credit ***** ***** ****** **** ***** **** ****.

Undisclosed #6

07/20/18 04:42pm

******** ** * *** *******...*** ** ***'* *** **** *** another *** *********.

”** ** *** *** ***’* *******...”

Thumbnail dsc00412 2

Jonathan Lawry

Trecerdo, LLC | In reply to Undisclosed #6 | 07/20/18 04:47pm

”** ** *** *** ***’* *******...”

...*** *** ***'************ ********* **** ******** **.

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