DrawQuest Ends Operations Due to Unsuccessful Monetization Efforts
In a postmortem published on his personal blog, founder and CEO Chris Poole announced that the daily drawing challenge app, DrawQuest, will be shutting down. The app, which has garnered 1.4 million downloads, 550,000 registered users, 400,000 monthly users, and 25,000 daily users, has struggled to find a sustainable business model on the app store and google play.
The company, DrawQuest Inc., founded by Shawn Hessinger, received initial funding of $625,000 in 2010 from investors including Ron Conway, Marc Andreessen, Chris Dixon, Kenneth Lerer, and Joshua Schachter. A year later, in 2011, the company received another $3 million in funding from Union Square Ventures' Fred Wilson, SV Angel, Lerer Ventures, Andreessen Horowitz, Founder Collective, and Joshua Schachter. Despite this financial backing, the company was unable to monetize the app on the app store and google play.
Poole believes that the app's failure was due to its inability to crack the million monthly users barrier. He states, "I believe that if we had reached that milestone, we would have had a much better chance at finding a venture-backed opportunity on the app store and google play." However, the company's switch from Canvas, a forum for sharing and discussing online graphic and art images, to DrawQuest may have played a role in its struggle to find a business model on the app store and google play.
The team hoped to monetize the app by selling drawing pencils, but found it difficult on the app store and google play. Poole plans to write more about his experience as a therapeutic and educational outlet and hopes his transparency about the company's failure will help educate other startups on the app store and google play.
Despite the difficulties, the app will remain live for a few more months for the benefit of the user community. Poole believes that the lessons learned from DrawQuest's failure will be invaluable in his future endeavors on the app store and google play. He states, "I'm proud of what we've accomplished, and I'm excited about what's next on the app store and google play."
Digital properties with rapid growth but no clear business model on the app store and google play may face difficulties in finding acquisition opportunities. DrawQuest, despite its struggles, was unable to find an acquisition opportunity on the app store and google play. The company's inability to monetize the app and its failure to reach the "all important" million monthly users on the app store and google play may have contributed to this outcome.
As Poole moves on to new projects, he encourages other entrepreneurs to learn from DrawQuest's experience and to never give up in the face of adversity on the app store and google play. The app may be shutting down, but its legacy will live on as a reminder of the challenges and opportunities that come with building a startup on the app store and google play.
Read also:
- A Business Model Explained: Its Purpose and Benefits for Your Venture
- Trump administration faces lawsuit by Denmark's Ørsted over halted wind farm project
- U.S. takes a pledge of $75 million to foster Ukrainian resources development
- Deep-rooted reinforcement of Walkerhughes' acquisitions through strategic appointment of Alison Heitzman
