Juicero Failure: Pretending to be a Tech Company and Juicing your Investors for €120 million (pt1)

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Juicero's failure is a cautionary tale about why not every product can be 'tech' and what happens when a business model is based on a fleeting trend.
Part 1: In this part, I am going over the story of Juicero and explain the timeline of their downfall. In the following videos, I will react to the Juicero founder, Doug Evans, talking about his company after its 2017 collapse in clips from 2016, 2018 and 2020.
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🧩 Background:
The history and current state of Juicero, a company that made waves in the world of kitchen appliances and cold-pressed juicing, is a story marked by innovation, controversy, and ultimately, a decline.
The Early Days and Innovation:
Juicero was founded in 2013 by Doug Evans, a tech entrepreneur with a passion for healthy living and juicing. The company burst onto the scene with a groundbreaking concept: a smart juicer that could turn pre-packaged, organic, and locally sourced produce into fresh, cold-pressed juice with a simple press of a button. At the time, this seemed like a revolutionary idea, promising to make healthy living more convenient for busy individuals.
Investor Hype and Funding:
Juicero generated significant buzz in the tech and health industries, attracting high-profile investors and raising over $120 million in funding. The company's sleek, high-tech juicer, which was connected to the internet and came with a subscription service for fruit and vegetable packs, was seen as the future of juicing.
Launch and Initial Success:
In 2016, Juicero finally launched its product to the public. The juicer itself was beautifully designed and featured state-of-the-art technology. Users could order pre-packaged Juicero produce packs, which contained chopped fruits and vegetables, and the juicer would apply several tons of force to squeeze every last drop of juice from these packs, claiming to offer superior taste and nutrition compared to traditional juicing methods.
Controversy and Downfall:
However, the excitement soon turned into controversy. It was revealed that the juice packs could be squeezed by hand, rendering the expensive Juicero machine unnecessary. This revelation sparked a public outcry and accusations of over-engineering and wastefulness. The media dubbed it "the $400 juicer that nobody needed."
Struggles and Shutdown:
Facing immense public backlash and plummeting sales, Juicero faced financial difficulties. In September 2017, just over a year after its launch, the company announced its closure. The Juicero machine, once hailed as revolutionary, was discontinued, and the remaining juice packs became increasingly difficult to find.
Legacy and Lessons:
The rise and fall of Juicero serve as a cautionary tale in the world of startups and innovation. While the company initially captured the imagination of investors and health-conscious consumers with its innovative approach to juicing, it ultimately failed to deliver on its promise of convenience and value. The controversy surrounding Juicero highlights the importance of maintaining a genuine and practical connection between innovation and consumer needs.
Today, Juicero stands as a symbol of the pitfalls of over-hyped startups and serves as a reminder that even the most innovative ideas must address real-world problems and provide tangible benefits to succeed in the competitive marketplace. While Juicero may have faded into obscurity, its story continues to serve as a valuable lesson for entrepreneurs and investors alike.
🌐 Sources:
• Doug Evans, Founder Ju...
• The Juicero Founder Is...
• Surviving Juicero & Th...

Опубликовано:

11 сен 2023

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Комментарии : 49

@susanhsu1430 10 месяцев назад

I love hearing about Juicero! I think your analysis here is excellent because you explain the "why" behind a lot of it. (For example, why would a juicer need to have wifi? Because that part wasn't for the consumers. It was to attract investors.)

@Youcef8830 10 месяцев назад

I love this story. This was hilarious when it happened.

@timmi59 10 месяцев назад

Yeah it was 😅

@justwatching1980 10 месяцев назад

They should have given the press out for free with an annual subscription plan. For example, a well-designed fancy looking but inexpensive to produce hand-cranked juicer that you get for free or you can upgrade to automatic or premium wifi-connected with camera version for $300. Then they should have focused on the product -- the subscription juice plan -- and made sure that it was very good.

@nickpavia9021 9 месяцев назад

For real. My first thought watching this was that they should have sold the juicers at a major loss. The subscriptions were where all the money was.

@Flexsan 2 месяца назад

@@nickpavia9021 they did sell the juicers at a massive loss. They lost 300-400 dollars on every unit they sold.

@abaofifsz Месяц назад

Absolutely, printer model. That and more upfront marketing

@alphakevin687 10 месяцев назад

IMO the most important root cause is that some silicon valley people vastly overestimated the budget and need of non-millionaires for anything than apple or orange juice from a PET bottle.

@micha-fc8lg 10 месяцев назад

i doubt he ever talked to a person who told him that cutting up vegetables and fruits and putting them in a blender was too hard for them.

@elilawhorn3724 10 месяцев назад

Outstanding video

@soulvigilante 10 месяцев назад

No way the b-roll at 0:10 was unintentional 🤣🤣

@timmi59 10 месяцев назад

Informative AND humorous. I like this channel very much. 🇩🇪 Subbed

@KathBorup 9 месяцев назад

Such a wild story! Really enjoy your videos! Keep up the great work!

@_pjd 8 месяцев назад

Love these videos!

@wilsgrant 10 месяцев назад

Another banger! Please do more overvalued tech startups.

@jjandorliadul 10 месяцев назад

I remember the big RU-vid pesonality "Mr. Authentic" Casey Neistat hawking this garbage to his millions of subscribers. Authentic indeed, a huckster that is.

@TigreModerata 10 месяцев назад

Let's say that shark tank would have laughed them out half way through the pitch.... It's sad that they got any investment at all.

@uselessDM 10 месяцев назад

Their problem was that their product was effectively a Nespresso machine, but priced like an expensive fully automatic coffee machine. For the "casual" crowd it's too expensive and for the barista type people it's too run off the mill.

@PaquiPaqui73 9 месяцев назад

Ms. Elisabeth Holmes herself was at Burning Man when Theranos was in its agony. She had been already replaced with another unfortunate CEO.

@ingvarhallstrom2306 10 месяцев назад

WeJuice.

@Jumboo364 8 месяцев назад

I bought a juicer during 2013-2014 too! What a waste of time and money that thing was!

@A_Eichler 10 месяцев назад

Ah, it's just a cold press! No, it's not even that, it's a bag squeezer with (attempted) market cornering tech (that you pay for) attached. How contemptable.

@ibbledibble 10 месяцев назад

imagine the number of engineers you could educate to invent better stuff for $120 million ETA: i forgot about organic avenue! there was one next door to my office for a bit. prices were *wild* for a decade ago- $9 a bottle. they should have wholesaled to specialty markets and left it at that. storefronts was a dumb waste of money and new yorkers do have blenders and a million other options, it's pretty common for even the regular grocery stores to sell fresh juice.

@adambane1719 10 месяцев назад

7:53 Nothing compares...... to youuuuuuuuu !!!!!

@monkeytimestamps4915 9 месяцев назад

I really want to understand the Sinead Oconnor reference and I don’t!

@1996Pinocchio 9 месяцев назад

From the first time I heard about that, I thought to myself that they should just buy juice bottles.

@emory5533 10 месяцев назад

Not to mention you could just buy a smoothie like from Arden's Garden or something

@heteroerectus 8 месяцев назад

Okay, drinking vegetable and fruit juice can be more fun than plain old water in some cases, but it is always a worse option than simply eating the fruits and vegetables in question. We are not meant to drink our food, you have teeth for a reason, and chewing food promotes dental health and in addition to the mechanical breakdown of food, chewing also mixes the food with saliva, which promotes healthy digestion. A significant benefit of eating fruits and vegetables is the fiber they come with, which you are wasting when you only drink the juice. Juicing as a health practice is, at its core, a scam, so no juicing company can ever not be a scam unless they advertise the product as a fun, wasteful way to get less out of your fruits and vegetables.

@testboga5991 10 месяцев назад

Juicero would have worked, if they hadn't gone crazy on the pricing, potentially even open sourced their packages, I think they might have found a following. Expensive af Coffee makers also find their customers.

@uselessDM 10 месяцев назад

They needed to make it more customisable definitely. I think that is the allure of the expensive coffee maker, make the specific coffee you want to make, no matter the cost. But Juicero juice is the same for everyone, just like the juice you buy at the store. If you want to cater to the crowd that would be willing to spend the money on a Juicero, you have to give them more ways to influence the result of the juice so to speak.

@alphakevin687 10 месяцев назад

The thing with coffee is, that almost no consumer ever can source a substitute (raw coffee and then roast it), but juice has so many good established competitors in prepressed juice. Then coffee is something that fuels humanity, and fancy juices are a health fad.

@komplikatorful 9 месяцев назад

Love the video! But why do you look like a Simpsons character? 😅

@eagleeye2300 10 месяцев назад

People milking other people, because they can. A story as old as time..They used to be called "Snake Oil Salesmen." (And they used to get tarred and feathered.) If you cannot purchase vegetables, wash them, and juice them...Then I don't know what to tell you. Any healthy habit takes effort, including eating well. We all know this. But lol, many still want the benefits without the effort. If you have this much money to burn, maybe hire kitchen help, and get some meals taboot.

@alikaperdue 10 месяцев назад

The whole thing is a fake product and it's obvious. They added gadgets and a slow process to distract fools. I don't think the owners of this company made any mistakes. Just the investors, who imagine if it does enough, it must be great, and customers, who imagine if they pay enough, it must be great.

@zeenkosis 10 месяцев назад

People into juicing are usually people willing to put effort into their health. Meal prep and smoothies literally solves this

@josephjames259 10 месяцев назад

Depends on what they juice. Fruits are a poor choice. The body needs the fiber to slow down the sugar intake. Otherwise, a glass of orange juice has more sugar than a coke.

@abaofifsz Месяц назад

Nah coke will prob have like 45 grams. Glass like 30

@micha-fc8lg 10 месяцев назад

imagine working at this company....😝

@gilrose12345 10 месяцев назад

Dyson does the same thing. Take a simple appliance and over engineer and over complicate.

@SuperCosmicMutantSquid 8 месяцев назад

The problem with thee Juicero, among so many things, was that it made claims that juicing 'the old way' was too hard when if you look at it, it really isn't, especially now. You can buy a bullet blender for EXTREMELY cheap (I got one on sale for TWENTY DOLLARS) and the best thing about it is that you can make enough juice for one or two people without it being a hassle. On top of that, I had more freedom to pick how much or how little of a certain ingredient I wanted in something that was homemade vs something that was pre-packaged and not as fresh as they claim it is which gets me to another point. Exactly how 'fresh' were these pre-made packages of produce? Doug can claim that they're fresher than the store but how exactly do we know that? You can keep pre-packaged stuff like this shelf stable for a nice while if you store it correctly and ESPECIALLY if your freeze it which is what a lot of people do when they juice; they often use fruits and veggies that they FREEZE because they know it's good to store and coinvent to get when they want to. There is also the issue with food waste. Yes, food waste is a problem but the Juicero packages didn't solve that either. For a lot of people, they only discard what isn't wanted in the juice like the stems, tougher skins (like bananas) and if the seeds aren't edible, they'll take care of that as well. After that, the fruits and veggies go in WHOLE if you're using a blender but with Juicero packets left a lot of unused pulp which could have been used to extract even MORE juice if it were done in a better way, especially when you consider HOW the Juicero worked. It says it was a press and as such just pressed the fruits and veggies.....how are we certain that we're getting what is worth within the packet itself and not just a smidge? And then there was the Bloomberg video which showed the person squeezing the juice out with their hands. That alone should tell you that the juice was already blended and there was nothing really 'fresh' inside because if they were able to get that much juice just by squeezing, they're either the stronget person in the world or Juicero was just sending out pre-blended and pre-smashed sludge that was sitting in its own juices just to be pressed out via an expensive machine, not the nice wholesome healthy chunks of vegetables and leafy greens we were shown. (It's a lot easier to blend leafy vegetables than how the Juicero was shown to 'press' them) Seriously, this whole sage fascinates me even if it's been seven years because it's so much needless stuff that can be done cheaper and easier, without the need for a wifi connection too. XD

@dariadari3370 10 месяцев назад

I'm wondering how it's gonna be now with new startups and business overall. VC is decreasing, such stories as above cause only lack of trust and more hesitation in supporting new ideas on the market. The economy doesn't look great at all. Will only old big players survive?

@MaxHarden 10 месяцев назад

Glad it failed before someone died of listeria.

@monkeytimestamps4915 9 месяцев назад

The word you’re looking for is “listeriosis” which is caused by listeria bacteria and your comment is absolutely right.

@jbanks979 10 месяцев назад

I think fundamentally the issue is “there really aren’t that many people who even know what cold press juice is”. It’s something I’m sure those in a certain culture say “Silicon valley usa” all consume on a daily basis. Im not sure most people know what “cold pressed juice” even is, much less why anyone would pay 8 bucks for a tiny bottle at Whole Foods, much less why anyone would need a machine that just squeezes tiny packets of vegetables instead of buying it at the store. “I could pay 500 and 50 bucks a week for packets OR I could get a $1.99 bottle of ocean spray because I’m not really that big of a juice drinker”