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How To Admit Failure, Give Your Investors An Ultimatum And Succeed

Fab, one of the fastest growing flash sales sites in the industry, came about after its founders decided to abandon their previous startup idea.

CEO and co-founder Jason Goldberg said that after realising that his previous venture would not work out, he immediately wanted to cease all efforts to save it and divert them to the new idea.

But he had to face his investors first.

Goldberg basically told them: “You can have your money back or you can continue with me.”

Watch an excerpt from our interview with Goldberg at Startup 2012 about how his ultimatum played out.

 

Produced by Robert Libetti

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