FST Fails

Author: 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.

*** *** *** ** *** ******* ******** ** *** ******, selected ** ******* *** ******* ** *** **** ******* ****** **** **** ** ******** ** *******.

***, *** ******* ** ******* ********** *** ******* ****** ********* new.

** **** ****, ** ***** ******** **** *** *******, ******* the ********** **** *****, ********* **** ** ********, * *** retail-focused ******* *** ******* *** **** **********'* **** ********.

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

FST *********

*** ********** *** ********* *** **** **** *** ******* "*** ceased *** **********." *** ******* *** ******* **** "******* *** contractual *********** ** *********** ** ******** ******* ****" *** ******** FST *******.

** ** **** ***********, *** *** **** ** ***** ****** statement *** ****** ** ***** *******.

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

*** *******, ******** ********* ***** ******* *******, ***** ** **** '***' *** *** *** **** ********, incorporating ******, *****, **** *** ***** ********* ** ******** ******** individuals ********* ***** *** ****** ****** ** **********. **** **** video ******** *** *******'* *****:

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

** ******* ***** **** * ****** ** ********** *** *** company:

  • ******* ****** ** ******* ******
  • *** ******* / ** *******
  • *********** / ******** **********
  • **** ***** *****

***** *** ************* ** ***** $** ******* ** *******, ********* ***** ****** ******* ** * ********** ***** ****** that ***** ** **** ** ***** *** ******* ****** ********* to ******* **** **********.

*** ******* *** *** ********** **** ****** ******* ***** $** million (******* ************* ****), ********* ** ******* ***** ** *** company. ** ********, *** ******* *** **+ *********, ***** ******** in * *********** ******* **** ****.

*** ******* *** *********** **********, ********** ******* **** ******* **** as ******** (*** ******, *** ****), *********** ** *******, *** people ****** (** *** *** ****) ** *** ******, ******* hats, *******, ***. **** **** ** ****** ** *** ***** and ******** **** **** *** ******* ** ****** **** ******.

****** ** **** **** ***********, *** ***** ***** ***** **** down ** ** ********** **** ***** ****** ******* ********* - even ***** ********** ***** *********. **** ** *** ***** ***** declined **** *** *****, *** ****** ***** **** ** *** range ** *** ********* ** ******* *** **** ** ***, restricting *** ****** ** ***** *** ***** **** ******** ****.

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

*** ******* *** ***** ****** ********** **** ** ******** / advisor,**** ***,*******:

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

** ****,*** ******* ** * *** ********,*** ******** ******-******* ******* *******. *** ********** ******** ***** *** ******** of ******, * ******** *** ******** ******* ** **** ** bringing ******* ** * "*****-*******-****** **********" ****** *** ******* *** sold ** *** ******** *** ******** ******** ***.** ********** ******** ** ****, ***'* *** ********** ********* ********* **** ***** *****-****** ******* and ********** *************. ******* ** ***** *** ****** *** ************ well *** ***. *******, *** ******** **** *** **** ******** the *** ******** *****. ******, ***'* *** ******* ******* ********** new ****** *********, ** ***** *****:

*******, ***** *** *** ********* **** *** ******* **********, **** is *** ****** ** ***.

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

********** * *** ******* ****** ****** ********** *********** ************ ** retailers ***** ** *** ** ***'* *** ******* ******* *** *********. ***** *** ******** ** ******* ** the ************ ** *** *** *********, ******* *** ***** *** been * **** ** ***** *** * ***** ** ******* away **** ******** *** **** **** ****** * ******-******* ******** that ***** ******* ****** ********** *** ***** ** ******* **** a *** ******** ******* *** *****.

******** ** **** ********. *** ******* *** ***** ******* ******* of *** ******* ** *********** ***** ********.

** ** *** ***** *** *** ******** ****** **** ********* them (*.*., ******* ** ** *** ****** *********** ** ****** phone ******** ** ***** *****).

** *** ******** ****, ****'* ****** ********** *** *** ********** may **** **** ** **** *********.

****** ********* **** ***** *** **********. **** *** *********** ** an *****. **** ********* **** ***** *** **** *****, **** with ******* *******.

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

******** ******* ****** ** ******* **** **********.**** **** ** *** ******** *** ********: ********* **** ******, ***, *** / *** ****, ***, Security *****, ***** & ********, ****, ***, ***, ***.

**** ***** ********* *** ********** *** ********. *** ***** ** end **** ** *** * ******-*********** ****** ******* ******** **** could **** **** **** **** ***** **'* **** ****** *** hard ********** ******?

******** ******** ******. *** **** ** *** ****** ** **** access ******* **** ***** ** ****, *** ** ***** ** do ** ** *** **** ** *** **********-- *** ******'* own ***** *** *** ****** *** ** (********, ***********, ***.).

***'* ******* ***** ** ** *********** ******, ** * *** generation ** ****** *********** ******** ***** ***** ********. **** *** eventually ***** **** *** **** ****** ********* ******** *** ******** of ****.

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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