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. By ********, *** ******* had **+ *********, ***** resulted ** * *********** ongoing **** ****.

*** ******* *** *********** 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 From ********

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

 

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

** ****,*** ******* ** * new ********,*** ******** ******-******* ******* *******. His ********** ******** ***** the ******** ** ******, * software *** ******** ******* as **** ** ******** Retalix ** * "*****-*******-****** powerhouse" ****** *** ******* was **** ** *** hardware *** ******** ******** NCR.** ********** ******** ** IPVM, ***'* *** ********** conceived ********* **** ***** multi-tenant ******* *** ********** installations. ******* ** ***** has ****** *** ************ well *** ***. *******, new ******** **** *** **** changing *** *** ******** model. ******, ***'* *** current ******* ********** *** retail *********, ** ***** below:

*******, ***** *** *** 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 the ******** ****** **** ********* them (*.*., ******* ** is *** ****** *********** or ****** ***** ******** or ***** *****).

** *** ******** ****, 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

* **** ********* *** ******* ** IPVM. ***** **** ** *** first **** *** ***** IPVM ****, **** ** you *** **** *** from *** ***** **** as ** **********, ** Rapid ******** *** ** SSN. **** *** **** business ********* **** ***!

Avatar

Dan Gelinas

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

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

Undisclosed #1

07/17/18 03:16pm

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

***** *******, * **** your *****!

Avatar

Dan Gelinas

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

******!

Undisclosed Integrator #2

07/17/18 06:49pm

*** ********* **** *** news. *** *** ********* particular **** ******** **********. It *** ********* *** complex *** ********** ** my *******. 

Undisclosed End User #3

07/17/18 08:14pm

** ****** ** **** with ******** *** ** the ***** ** ***** integration **** *** ****** control ******. ** ******* looking *** ******* **** they ******* ** ***** a **** ** **** discounted *****. 

Avatar

Jonathan Lawry

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

...**** ***** ** ****, and ** ***** ** do ** ** ********* *** **********...

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

Avatar

Jonathan Lawry

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

****** *********** ** *** siren-song **** *** ***** too **** ****-**** ***** access ******* ********* ** the ****** ** * sad *****.

****** ******* ***** ** be ** ******** ** a **** *****.  ******** less **** **** ** an ****** *******, ** using ****** *********** ** a ***************** ** ****** ** failure.  **'* ** ** a "*********" *********, *** using ** ** *** only **** ** ********** is ********** ******.

* **** ******* ****** recognition ********* ** *** past, *** ** ****** is ****** *** ****: Market ** *******, ****-**********, etc.... ************ *** ******** ******* than **% ** ********.  If *** *** ****** ******** **** ******* *** of ****, ** *** known ***** *** ** a *******, *** **** provided *****.  *** **** one ***** ****** *** of * ******* ** access *******?  *** *** out ** ***** ** 7 *****....** ******.

John Honovich

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

***** ** ** *** only **** ** ********** is ********** ******.

******.

*** *******, ** ******, is **** **** ***** one's **** ***** ** faster *** ****** *** people ** ***, ****** when *** **** ****** falsely ******** ** ******* entry ***** *** ******** ensue.

** *** ***** ****, Hikvision's *** ******* ********** 'open * **** **** a ******':

John Honovich

IPVM | 07/19/18 12:57am

***** **** *** ********* to **:

* ****** ** ****** you **** *** ***** of ********* ** *** Biometrics *** ******* ** cease *** ******* ********** of *** *******, ********* the ****** ******* ********. The ******** *** **** last ***** *** ** in *** ******* ** being ***********.

**** ********, ***** *** not ** **** *** by *** *****, *** made ***** **** ********** and ************ ******* ****** and *** **** ** the *****. *** ****** for *** ******** ** because ** **** ** ***** ** run *** *******. ** did ********** ** ***** to **** *** ******* open, ********* **** *** more *********, *** ***** we **** ****** ** find ****** ******* ** continue *********.

** ********** *** ************* of **** ******** ** our ********* *** ** will ** ******** ** can ** **** *** cessation ** ********** ** easy ** ********. ** order ** ******** *** effect ** *** *********’ businesses, *** ******* *** decided ** ****** * support **** **** **** fulfill *** *******’* *********** obligations ******* ** ******* support ********** *** **********. The ******* **** **** be *********** ***** **** 2019, ******** *** **** contracts *** **********.

* ****** ****** ****** how **** * ********** your ******** *** ******* over *** *****. ** understand **** **** ** not **** *** *** and **** *****, *******, I ** **** **** you **** ** **** to **** ******* ****** to **** **** ****** control *** ************** ***** from *** **** ***** options ** *** ******.

** *** ********* ** answer *** ********* **** you *** ****. *** can ******* *** *** team *** ***** ** *******@*****.*** *** ** **** ******* during ******* ******* ******** hours.

** * ** ** FST ********, * ***** get * *********** ** the **** ****. ****** to ******** ** *** of ******** ********** ****** control ****** ** ****** going ** ***** **** problems **** *** *****.

****, *********** **** ***** is ** ******* ** Preciate, ***** *** *** is ******* ****** ** to, ***** ** ********'* own *******.

Undisclosed Integrator #4

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

*** **** **** *** intellectual ******** **** ***** have ****, *** ** another ****** ******* ************, or **** *** ************** of ******** *** ******* and ******** ** ******* EACS *******? **** ***** have *** ****** ** another **** ******* *** the ******* ** **** you ****, ** **** those ********* ********* **** at *** *** ** supporting *** *** ******* the ******** **** ******* could ******* ***** ********* to ***** *** ********.

**** ******** *** **** of **** ****** *** might **** **** ** the ******** ** ***** customers.

John Honovich

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

**** ********/*****. * ** sure **** **** **, how ******** **** ** is ** ******, * don't ****.

*** ********* **** ******** is ******* ** *** that ** / ********** is ***** ** ********.

Undisclosed Integrator #7

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

* **** **** ** implemented **, ***** ****** recognition ********* *** ******** from ******* *******. **** was *+ ***** ***.

 

** ***** ** ********** this ** * **** for * ********* *********. As ****** **** *****, it *** **** ***** dependent. * ***** **** their ******* *** ********** were **** ********. **** I ***** ****** ******, it *** ****** ********* that * *** ***** or ********* *******. * would ***** **** ** prove **** ******* *** changed *** ***** ******** complaints *** ***** ***** just ********* ** *****. It *** **** ********* and *** * **** sale ** * ********. 

Undisclosed #5

07/19/18 01:52pm

*****'* *********** ********* ********** for ****** ******* ***** 3 *** ** *** 4 *********** *** ******. Limited ****** ******** *** to ***** *****, ** support ** ****** *** ** ********* credential ******** ** **** pulling back **** *** ****** control ****** ******** ** reduce ***** ** ***** primarily ** ***********-***** ****** ***** where ****** **** ***** past ****.

 

 

Undisclosed #6

07/20/18 04:42pm

******** ** * *** venture...run ** ***'* *** Naor *** ******* *** executive.

”** ** *** *** don’t *******...”

Avatar

Jonathan Lawry

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

”** ** *** *** don’t *******...”

...*** *** ***'************ ********* **** ******** is.

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