Startup lessons from the founder of failed personal finance site Wesabe.com.
This On Product Management Blog post discusses an article by Marc Hedlund, founder of the defunct personal finance site Wesabe.com. Wesabe.com failed while a similar site, Mint.com succeeded and was purchased by Intuit after 2 years in business.
According to this review of Hedlund’s article, Mint.com’s success was primarily due to “usability.” A few “ease of use” failure points cited by Hedlund include:
- Wesabe.com did not provide an adequate automated way for customer’s to “collect and enter their financial data.”
- Mint.com made the process of sorting their financial data nearly effortless. Everything was automatically edited and categorized. Wesabe.com was focused on making sorting easy, “while Mint was focused on making it so you never had to do that at all.”
- Wesabe.com sought to change people’s financial behavior for the better. Changing behavior is never easy and should not be your value proposition.
To learn more about the demise of Wesabe.com. and why “making users happy with your product as quickly as you can” is the key to start-up success, follow the link below.