Along with our partners we worked really hard together and had some great times.
But in the end we were not growing quickly enough that it made sense to continue. It's sad to close down but it's time for the team to move on.
Along the way we learned some important lessons:
- If you pivot, make sure that you have enough cash on board that you don't have all of your eggs in one basket and you preserve optionality. Packlate could only afford one basket and that basket did not grow quickly enough. We realized we had to make our one basket work or die trying.
- Be diligent when considering integrating into a larger partner's API. Ask questions like:
If you aren't comfortable with the answers you hear, stop the integration immediately.
- How long has the API been stable in production?
- How many partners have successfully integrated into the current API version and how long did it take them?
- What is average failure percentage for transactions?
- Working with b2b partners to distribute your product can offer many advantages and be an attractive opportunity for your business. Make sure you ask questions early on to fully understand where the majority of transactions occur and what exactly needs to happen to get your product "on the shelf" where the bulk of the transactions start.
- Great teams make a huge difference, particularly when the going gets tough. Everyone hung in until the bitter end and was always trying to make it work. When we knew it would not work, everyone was extremely professional during the shut down process. Great teams make all the difference -- through thick and particularly thin.
- Great investors also make a huge difference. Throughout the process our VC's were always helpful, had great ideas, and pushed us hard (as they should). Great VC's are like great coaches -- they want to get the most out of their players.
We value our relationships and the faith that you put in us. Sorry that we had to move on.
The Packlate Team