“But they did all this work without the basic proof that this business made sense to consumers.”
This very well-stated article in Bolt.io states one of the biggest issues I see in startups today – an idea without a market. It’s a great idea, but no one wants to buy it or certainly not at that price. It’s a supply and demand curve that never swipe right for each other.
What Un-CEO features are in play here – mostly I’d say confirmation bias. No one went outside their little group to see if this idea would actually work in the real world. They stayed in their own bubble agreeing with each other until it was time to launch “the perfect project.” It was perfectly engineered, but it solved a problem in a way that no one wanted.
Lesson: Get a MVP out in the market as soon as you can and let the market guide you.