Cocktail Talk - Fall Failures: The Rise and Demise of Companies
A new season typically denotes a fresh start and perhaps a new opportunity. But does anyone ever talk about the old, the outdated, and the failures instead? At Tech Square ATL (TSQATL) Social Club, we embrace (f)all the uncomfortable conversations. That’s why we decided to host a Cocktail Talk, aptly titled “Fall Failures,” on October 4 asking a very big, hard-hitting question.
“What is a failed startup, company, or business that you miss the most? That is the question.” No really, that was the question we asked our community members at Centergy One on a late Monday afternoon. Encouraged by the promise of a variety of different libations upon answering, we asked our attendees to embrace nostalgia and dig deep into their memory bank to share their thoughts.
From local restaurants to clothing stores to failed apps, our members provided a wide spectrum of failures. But one company reigned supreme, with multiple mentions: Blockbuster.
So, how did once such a profitable company fall from grace? Well, according to Business Insider, the following is a quick timeline of the rise and fall of the famous video rental store:
The first Blockbuster opened in 1985 in Dallas, Texas.
Over the next two decades, Blockbuster became the top movie-rental business in the U.S.
However, Netflix and Redbox started challenging Blockbuster since they had no rental fees.
In 2010, the company filed for bankruptcy and closed all of its stores except for one – which has been turned into an Airbnb for $4 per night.
With failures being shared left and right, one might think it could put a damper on the day. Adversely, new members and seasoned veterans – and even out-of-town guests, from Florida to Colombia – mingled in the Centergy One lobby, discussing the topic even further and even “pouring one out” in honor of the fallen companies.
DID YOU KNOW?
What’s a failed startup, company, or business that you miss the most? Let us know in the comments below.