Juicero : 120 million dollar failure
Juicero is a company that formerly made a device for fruit and vegetable juicing. The company’s product was called the Juicero Press, a Wi-Fi connected juicer that used single-serving packets of chopped fruits and vegetables sold exclusively by the company by subscription. The San Francisco-based firm received $120 million in startup venture capital starting in 2014, from investors including Kleiner Perkins Caufield & Byers and Alphabet Inc. (Alphabet Inc. is parent company of Google)
On September 1, 2017, the company announced that it was suspending sales of the juicer and the packets, repurchasing the juicer from its customers and searching for a buyer for the company and its intellectual property.
So, what went wrong?
First of all, who would spend this much amount of money just to make just juice!
Second and most important thing was working of Juicero:
You purchase the juice packets and put it inside the machine (You can purchase the packets only if you have purchased Juicero)
And the machine will apply the pressure and juice will be out of the packet.
What killed the product to the death was video below. Two of the investors of the same product found out that we can get the juice out from the packet by applying the pressure on the packet only. Then why should be spend money on this luxury! The surprising thing is, two of the investors of it have found out and exposed the uselessness of it!