THE COMPANY-BUILDING FIELD NOTEBOOKRESEARCH EDITION / SEPTEMBER 2026
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53 POST-MORTEM ENTRIES / SEPTEMBER 2026 RESEARCH

The post-mortem files.

A structured record of what went wrong, what founders said, and what the evidence supports. Partial failures, acquisitions, and a category entry are labeled in their records.

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INTERACTIVE / 03 · THE EVIDENCE MAP

Every square
has a backstory.

53 entries. 9 collections. Select a numbered square to preview an entry, then follow its sources. Numbers follow the chapter’s reading order.

Founder-written8 entries
Small & indie8 entries
Mid-size venture10 entries
Heavily funded6 entries
AI-era10 entries
Regulatory & legal3 entries
Fraud & misrepresentation4 entries
Founders’ next chapters2 entries
Difficult exits2 entries

One square = one research entry · not one bankruptcy

This is the composition of a selected research library—not a representative sample, a causal breakdown, or a failure-rate estimate. It includes partial failures and category entries.

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53 entries

The founder-written post-mortem canon

Everpix

A cloud photo service that automatically ingested a user's entire photo library and surfaced the good pictures using early computer-vision ranking. It was widely regarded as the best product in its category.

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The founder-written post-mortem canon

Wesabe

A personal financial management web app that aggregated bank accounts and used community-contributed data to give spending advice. It launched roughly ten months before Mint.

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The founder-written post-mortem canon

Dinnr

A London meal-kit service delivering pre-portioned ingredients plus a recipe for a single dinner, ordered same-day.

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The founder-written post-mortem canon

Tutorspree

A marketplace matching students with private tutors — "Airbnb for tutoring" — later restructured as a managed agency that took a larger cut and controlled quality.

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The founder-written post-mortem canon

99dresses

An infinite-closet clothing exchange: users traded unwanted clothes for an internal currency redeemable against other users' items, with the company taking a cut.

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The founder-written post-mortem canon

Muse

A spatial canvas app for iPad and Mac for reading, annotating and thinking — a premium tool aimed at researchers, writers and strategists, sold at $100/year.

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The founder-written post-mortem canon

Kite

An AI-powered autocomplete and code-intelligence plugin for Python and later other languages, running partly locally and partly in the cloud — the most prominent pre-Copilot attempt at the category that GitHub Copilot and Cursor would later dominate.

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Small and indie failures

Darklang (Dark Inc.)

An integrated language, editor and infrastructure platform intended to remove "accidental complexity" from backend development — you wrote code in a structured editor and it was deployed instantly with no build step or deployment configuration.

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Small and indie failures

Zirtual

Subscription virtual executive assistants, staffed by full-time American employees rather than contractors — an explicit rejection of the gig model.

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Small and indie failures

Hipmunk

Flight and hotel metasearch with an unusually good interface, sorting results by an "agony" score combining price, duration and stopovers.

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Mid-size venture-backed failures ($20M–$200M raised)

Fast

A one-click checkout button for online merchants, competing with Shop Pay and Bolt.

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Mid-size venture-backed failures ($20M–$200M raised)

Homejoy

The company blamed four pending worker-misclassification lawsuits, saying they made fundraising impossible. Co-founder Adora Cheung cited "unresolved challenges in the home services space" (Forbes).

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Mid-size venture-backed failures ($20M–$200M raised)

Sprig

On-demand delivery of freshly cooked meals from its own kitchens, promising delivery in under 15 minutes.

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Mid-size venture-backed failures ($20M–$200M raised)

Munchery

Chef-prepared meals cooked in Munchery's own kitchens and delivered same-day.

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Mid-size venture-backed failures ($20M–$200M raised)

Beepi

A peer-to-peer used-car marketplace that inspected, photographed, warrantied and delivered cars, holding inventory risk.

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Mid-size venture-backed failures ($20M–$200M raised)

Shyp

An app where you photographed an item, a courier collected it within 20 minutes, and Shyp packed and shipped it for a flat $5 fee plus postage.

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Mid-size venture-backed failures ($20M–$200M raised)

Modsy

3D-rendered interior design: customers photographed a room, Modsy rendered photoreal alternatives with purchasable furniture, and took a retail margin.

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Mid-size venture-backed failures ($20M–$200M raised)

Zeus Living

Master-leased apartments furnished and re-let to corporate travellers and relocating employees on 30-plus-day stays.

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Mid-size venture-backed failures ($20M–$200M raised)

Mindstrong Health

Originally a "digital biomarker" platform claiming that smartphone typing and swipe patterns could predict mental-health deterioration — a "smoke alarm for mental illness" — later pivoted to a virtual mental-health clinic.

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Mid-size venture-backed failures ($20M–$200M raised)

Airware

Initially drone autopilot hardware and software for enterprises; later pivoted to aerial data analytics for insurance and mining.

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Large, heavily funded failures (>$200M raised)

Jawbone

Bluetooth speakers (Jambox) and fitness wearables (UP), sold at premium prices on design quality.

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Large, heavily funded failures (>$200M raised)

Katerra

A vertically integrated construction company: designing buildings, manufacturing components in its own factories, and acting as general contractor.

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Large, heavily funded failures (>$200M raised)

Fab.com

A flash-sale site for design objects, pivoted from a failed gay social network, later attempting to become a full-line design retailer with its own manufacturing.

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Large, heavily funded failures (>$200M raised)

Hopin

An all-in-one virtual conference and events platform that grew explosively during COVID lockdowns.

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Large, heavily funded failures (>$200M raised)

Northvolt

Europe's flagship attempt at a domestic lithium-ion cell manufacturer, intended to reduce the continent's dependence on Chinese and Korean suppliers.

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Large, heavily funded failures (>$200M raised)

Bird Global

Dockless electric scooter sharing, the fastest company in history to reach a $1B valuation at the time.

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AI-era failures (2023–2026)

Humane

The Ai Pin: a screenless, wearable, projector-equipped AI assistant at $699 plus a $24/month subscription, positioned as a post-smartphone device.

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AI-era failures (2023–2026)

Artifact

A personalised news app using machine-learning ranking, built by Instagram co-founders Kevin Systrom and Mike Krieger.

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AI-era failures (2023–2026)

Ghost Autonomy

Originally consumer-installable highway autonomy for existing cars; later repositioned as multimodal-LLM-based autonomy software sold to automakers.

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AI-era failures (2023–2026)

Adept AI

Foundation models trained to take actions in software — the "agent" thesis, roughly two years before the market was ready for it.

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AI-era failures (2023–2026)

Forward Health

First a chain of technology-heavy primary care clinics with staff doctors; then CarePods — unstaffed automated diagnostic booths placed in malls and offices, where a patient would self-administer tests guided by AI.

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AI-era failures (2023–2026)

Neeva

An ad-free, privacy-preserving subscription search engine, later augmented with LLM-generated answers (NeevaAI, launched January 2023 — before Bing Chat).

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AI-era failures (2023–2026)

Relay

An AI-native workflow automation tool — a Zapier competitor built around human-in-the-loop approvals and, latterly, agentic steps.

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Regulatory and legal deaths

Pear Therapeutics

The first FDA-cleared prescription software treatments — for substance use disorder and insomnia — prescribed by clinicians like drugs.

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Regulatory and legal deaths

Cerebral

Subscription telehealth for anxiety, depression and — critically — ADHD, with prescribing of controlled stimulants under COVID-era telehealth flexibilities.

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Regulatory and legal deaths

LendUp

Short-term consumer loans marketed as a socially responsible alternative to payday lending, with a "LendUp Ladder" that promised cheaper credit as borrowers repaid.

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Fraud and misrepresentation

Nate

A universal checkout app that claimed to complete purchases on any e-commerce site "with a single tap," using proprietary AI.

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Fraud and misrepresentation

Builder.ai

A platform promising that "Natasha," an AI assistant, would assemble custom software applications from reusable components — software development "as easy as ordering pizza."

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Fraud and misrepresentation

HeadSpin

A platform for testing mobile applications on real devices across global networks. The product was and is real and useful — an important distinction from the other entries in this section.

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Failures whose founders later succeeded

Loopt

Location-sharing among friends on mobile phones, years before smartphones made it practical and before carriers' data pricing made it affordable.

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"Successful" exits that were bad outcomes

Digg

User-voted news aggregation — the original mass-market social ranking site.

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