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Joke Product of Silicon Valley start up :-)

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tks

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I decided to post this in the General Section instead of the technology section.
This is more about business decision and how millions of dollars are easily raised for possibly questionable product.

Specifically this one company in the Silicon Valley California has managed to raise over $100 million dollars. It produces a product that makes Juice from packets of Juice ingredients. The big selling point is that it is a smart juicer that is tied to internet and can do some 'bells and whistles'

There is this emerging set of product that support 'Internet of Things' or IoT for short. These products can intercommunicate with each other.

For example, 'GlowCaps' fit on top of prescription bottles and via a wireless chip can provide services that help people stick with their prescription regimen; from reminder messages, all the way to refill and doctor coordination.

This juicer is one such IoT enabled device.

After their product hit the market they discovered a snag .. OOPs as they say..

Let me post the news story and the CEO's rebuttal in the next set of posts.
 
NPR news story : Internet of STINGS :)

Source : National Public Radio, USA story
http://www.npr.org/sections/thetwo-...-much-more-than-juice-internet-is-unimpressed

==================================================
Sometimes, it's the Internet of stings.


Juicero, a startup that sells a pricey juice press, found that out firsthand. The company's Wi-Fi-enabled machine produces cold-pressed juice out of packets sold exclusively to owners via subscription.


Received as both Silicon Valley cautionary tale and commentary on conspicuous consumption, Juicero's story was chronicled this week in a Bloomberg News piece.


The article pointed out how the original pitch — specialty juice, at home, by way of the Internet of things — excited venture capitalists in Silicon Valley. Major investors, including Google's venture capital arm, poured money into founder Doug Evans' idea, wagering the subscription model could strike gold like it did with Dollar Shave Club.


In all, the company raised some $120 million.


But Bloomberg says investors' confidence waned once it emerged that people didn't actually need the press to get juice from the packets but could simply squeeze it out by hand.
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And it says there were other revelations:


"[A]fter the product's introduction last year, at least two Juicero investors were taken aback after finding the packs could be squeezed by hand. They also said the machine was much bigger than what Evans had proposed. One of the investors said they were frustrated with how the company didn't deliver on the original pitch and that their venture firm wouldn't have met with Evans if he were hawking bags of juice that didn't require high-priced hardware. Juicero didn't broadly disclose to investors or employees that packs can be hand squeezed, said four people with knowledge of the matter."
A video accompanying the article showed that hand-squeezing the packets produces roughly the same amount of juice as the machine, which initially retailed for $700.

Please see this Youtube Video

https://youtu.be/5lutHF5HhVA

The price has since been lowered to $400. Even so, the costly contraption elicited a fair amount of Internet snark.


To think I had a $400 Juicer at the palm of my hands all these years. #juicero
— sergio (@ses435) April 21, 2017
Leaked photos from the #juicero pitch meeting. https://t.co/zgkogON6iY pic.twitter.com/Mye9ewciSv
— Kieran Mc (@kjmci) April 19, 2017
Real problem #juicero solves is compensation for weak hand muscles because you're vegan.
— Gonzo (@datagonzo) April 21, 2017
Concept art from today's Juicero R&D meeting pic.twitter.com/vGqWkKhQCH
— Brian Kelly (@bpkelly89) April 19, 2017
On Thursday, Juicero's CEO offered a full-fledged defense of his company's product and offered refunds to "any Juicero customer — new or old — who feels that we aren't making it easier, more enjoyable and delicious to form a healthy habit."


Writing on the blog site Medium, Jeff Dunn also highlighted several points he said showed that "the value of Juicero is more than a glass of cold-pressed juice. Much more."


Dunn touted the device's connectivity. He said, for example, that the juice bag's QR codes allowed the company to remotely intervene in case of a product recall.


"We know hacking consumer products is nothing new. But how can we better demonstrate the incredible value we know our connected system delivers?" Dunn wrote.


He also advised against hand-squeezing the company's juice: "What you will get with hand-squeezed hacks is a mediocre (and maybe very messy) experience that you won't want to repeat once, let alone every day."


For his part, Evans has been silent since the chorus began.


The Juicero founder, who admits he isn't tech-savvy, at one time pushed the Juicero as a game-changer.


"I said, 'I'm going to do what Steve [Jobs] did,' " Evans told tech news site Recode last year. " 'I'm going to take the mainframe computer and create a personal computer. I'm going to take a mainframe juice press and create a personal juice press.' "


Prior to launching Juicero, Evans had invested in a cold-press juice shop in Brooklyn, N.Y.
 
CEO's response

Source:
https://medium.com/@Juicero/a-note-from-juiceros-new-ceo-cb23a1462b03

=======================================================

A Note from Juicero’s New CEO


Hi, I’m Jeff Dunn. You may not know me in my new role as CEO of Juicero as I’ve only been here since November. But I’ve been involved with the company for the last few years as an active investor and board member working closely with Doug Evans, our founder. My career has led me from Coca-Cola to Bolthouse Farms and Campbell Fresh over the past nearly 40 years in the food business.


The journey from Coca-Cola to carrots to Juicero’s rainbow of fruits and vegetables has let me connect my work to my personal mission and passion: solving some of our nation’s nutrition and obesity challenges. I’m very proud of what my teams and I have accomplished in the last ten years, especially in regard to positively shifting the dialogue about our food system and how it can better serve all of us in health, nutrition, and sustainability. All of that was training for becoming CEO of Juicero — the single most ambitious and inspiring job I’ve ever held. Let me explain.


Last summer when Juicero’s Board and Doug asked me to join Juicero as CEO, it was driven by the recognition that we were launching a totally new long-term approach which would require a tremendous effort to innovate, improve and scale. Juicero’s mission is to make it dramatically easier and more enjoyable to consume more fresh, raw fruits and vegetables, and that’s a really tough nut to crack. It seems simple, but despite everything we’ve done to-date as a food community, we’ve barely moved the needle.


What I love about Juicero is that our team is attacking this issue in a way unlike anything I’ve ever seen. It’s incredible to come to work everyday alongside hardware and software engineers, food scientists, designers, farmer partners, and all our other team members who are committed to building a new way of delivering raw, plant-based nutrition. What we’re building is long-term in nature and requires us to innovate each part of our system — from Press, to Produce Pack, to how we source organic produce directly from farms, to how we deliver the produce to consumers’ doorsteps. It’s hard work and not perfect yet by any measure — getting this right is a process of testing, learning and iterating.


So when I saw this week’s headlines about hacking and hand-squeezing Produce Packs, I had a one overriding thought: ”We know hacking consumer products is nothing new. But how can we better demonstrate the incredible value we know our connected system delivers?”


First, the Press. Our connected Press itself is critical to delivering a consistent, high quality and food safe product because it provides:
The first closed loop food safety system that allows us to remotely disable Produce Packs if there is, for example, a spinach recall. In these scenarios, we’re able to protect our consumers in real-time.


Consistent pressing of our Produce Packs calibrated by flavor to deliver the best combination of taste and nutrition every time.
Connected data so we can manage a very tight supply chain, because our product is live, raw produce, and has a limited lifespan of about 8 days.


The value of Juicero is more than a glass of cold-pressed juice. Much more.


The value is in how easy it is for a frazzled dad to do something good for himself while getting the kids ready for school, without having to prep ingredients and clean a juicer.


It’s in how the busy professional who needs more greens in her life gets App reminders to press Produce Packs before they expire, so she doesn’t waste the hard-earned money she spent on them.


These are just a few examples of the value that the Juicero system offers, and we’re just getting started. As I said, this is a long-term vision and we’ll encounter bumps in the road, but our team and our investors understand the important problem we’re trying to solve, and they’re committed to helping us get there.


The sum of the system — the Press, Produce Packs and App — working together is what enables a great experience. However, you won’t experience that value by hand-squeezing Produce Packs, which to be clear, contain nothing but fresh, raw, organic chopped produce, not juice. What you will get with hand-squeezed hacks is a mediocre (and maybe very messy) experience that you won’t want to repeat once, let alone every day.

We strive to put our customer at the center of everything, and to do so with utmost transparency and integrity. That’s our business credo, as well my own personal belief system.


While it is never easy to face some of this week’s headlines and critiques, we’re still learning, listening, and improving, and we confidently stand behind our promise to help people on their journey to health. So, for the next 30 days, we’ve decided to extend our Happiness Guarantee to any Juicero customer — new or old — who feels that we aren’t making it easier, more enjoyable and delicious to form a healthy habit. That means that if you send us your Press, we’ll refund the money you paid for it. Period.


I’m committed to engaging the community in conversation about how we best serve our customers with raw, plant-based nutrition. You can reach me at [email protected], so please share your thoughts. I look forward to reading them.

CEO also put out his own video
https://vimeo.com/214185009
 
There is a lot of money that is in the hands of few people who want to keep on finding ways to double the amount. These people do not want to invest in new drugs that can save millions of lives in developing nations even if they can get a decent return. But they are ready to pour into new ideas that can make many more millions.

Human greed and mind is understandable. The truth is that most ideas do not succeed.

This product and brand can still be salvaged in my view but it will require a strategic leader.

If you comment, please do not stray from the theme of the story. The easiest thing to do is to write something irrelevant !
 
I like what this company is doing.

I am sure an indian will come out with a model which can do what all juicero will do at quarter the cost.

There is already a big push for marketing organic vegetable,fruits straight from farms.

Converting them into usable juices ,slices is next logical step

There is a move to break the nexus between doctors and MNC medical companies manufacturing patented medicine often over priced .

Doctors can only prescribe generic names and not that of any company.

Poor can get cheaper medicines.
 
I like what this company is doing.

I am sure an indian will come out with a model which can do what all juicero will do at quarter the cost.

There is already a big push for marketing organic vegetable,fruits straight from farms.

Converting them into usable juices ,slices is next logical step

There is a move to break the nexus between doctors and MNC medical companies manufacturing patented medicine often over priced .

Doctors can only prescribe generic names and not that of any company.

Poor can get cheaper medicines.

Since the concept is not protected by any international patent or even US patent, it all comes to execution. So an internet enabled juicer (IoT device) mechanism with associated app can be customized for Indian market especially for busy professionals. Cutting cost without quality is key
 
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