As the number of businesses around the world is increasing so is the number of tools, products, and services. Many of these are not able to meet the market requirements or are get crushed under the weight of large customers or competition. Digital Telepathy, a UX design agency has decided to shut down its project named Filament on June 30th June 2016 after long, careful evaluations.
The primary concern of any business is to generate revenue. When a product reaches a position where the efforts put in delivering it does not match the rate of return, the time has come to let it go for good. Digital Telepathy develops products to suit the need of the market. At the same time, they also have to keep up with the revenue, as this is what drives the company.
The company feels that it is an enormous decision to shut down a project. As a lot of time and efforts are invested to provide it a shape, capital investment is also associated with marketing and other aspects. However shutting down a project when there is no scope for it can restrain a company by engaging the efforts of the workforce into a product that will not bring viable results.
The company strongly feels that they are not able to explore their potential of developing new and better products. They have decided to retire all apps associated with Filament as well. The team is providing all necessary support to its users to make this transition smoother. They are helping users in securing data from their sharing accounts and providing refunds to their annual subscription users. The team is also helping the users by suggesting them similar tools which can help them with their tasks. It also helps them in keeping their client’s data and credit card information safe and secure.
Moreover, another reason behind the shutdown of Filament is the disintegration of its team. The product designer has moved on to a new product GoFormz; its technical lead is at Digital Telepathy growing the stellar development team, and its founder and CEO is redirecting his attention to Digital Telepathy and its other products.
Lessons to Learn
- It is alright to feel burdened by the fact that you need to shut down your product. However, it is important to understand that pushing a product that is not generating profits is a significant loss.
- If a product is hogging too much time and efforts and is restraining a company, it is better to let it go.
- If your product is not generating revenue to meet the cost, then you know it is time to turn to better leads.