The “Facebook of Money” that Wasn’t

To paraphrase Tolstoy, every struggling startup struggles in its own way. Except they all seem to feature extravagant soirées, hazy business plans, and round after round of beer pong on a SoMa roof deck. At Fast Company, Ainsley Harris charts the decline and fall of Tilt — a social-payments platform billed as the “Facebook of money.” Joining other examples in the emerging genre of schadenfreude-laced startup postmortems, it offers an almost-wistful glimpse at Silicon Valley culture at the precise moment when easy funding became a thing of the past.

Over time, Beshara’s leadership alienated some of Tilt’s more experienced hires, who chose to move on rather than challenge their rookie boss. Meanwhile, Tilt continued to attract young talent barely old enough to join the company’s happy hours.

“There was too much focus on culture and creating this nirvana of a company. This is not a fraternity, this is a business,” says a former manager. Beshara seemed determined to keep the party going until the bitter end. Last September, for example, with a cash crunch imminent, he pressed forward with Tilt’s final Lake Tahoe retreat. Only a small group of employees had any idea that a sale was already in the works.

Looking back now, Beshara acknowledges the imbalance. “I feel very strongly that you want to end up on the side of human connection, human relationships,” he says. “But I think you can index too far on that and really miss the importance of really high standards.”

Read the story


from Longreads https://longreads.com/2017/04/23/tilt-startup-posmortem/

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