In the bid to grow at all costs, Instant Pot is cooking itself
www.theverge.com
Or trying to, the sear function is still lackluster.

Honestly quite shocking news given their success, but I guess it’s what happens when you chase tech company profits.

    • samick1@sh.itjust.works
      9·
      2 years ago

      It’s not how they managed success, it’s that they ran out of it. Making a successful niche kitchen appliance is not a business, it’s one of many things that a successful niche kitchen appliance business does.

      Successful businesses also allocate capital optimally, build formidable brand and product moats, hire amazing managers and build fortified balance sheets. They forgot to do all that stuff. (See also: reddit)

      • Deedasmi@lemmy.timdn.com
        6·
        2 years ago

        I have an instant pot air fryer. They definitely made some attempts. But I imagine they kept trying to be the big mover and shaker and that’s expensive compared to just building a solid trustworthy brand.

      • Another Person @lemmy.world
        2·
        2 years ago

        undefined> Successful businesses also allocate capital optimally, build formidable brand and product moats, hire amazing managers and build fortified balance sheets. They forgot to do all that stuff. (See also: reddit)

        Otherwise known as managing success. Once you have a successful cash flow you need to diversify it and build your business to have multiple cash flows.

        • samick1@sh.itjust.works
          2·
          2 years ago

          I’m undefined? 😟

          Otherwise known as managing success. Once you have a successful cash flow you need to diversify it and build your business to have multiple cash flows.

          Semantics I guess. Di-worse-ification isn’t always the answer. They had a large product lineup, which was probably more expensive for them than it needed to be. They went under because they failed to fortify their balance sheet… rates went up and their debt crushed them.

          Capitalism works fine just turning a profit while plenty of companies die chasing growth. It’s just part of it.

  • SkepticElliptic@beehaw.org
    9·
    2 years ago

    That’s problem with being a one hit wonder. They had a decent product that became popular. Unfortunately there’s only so many people who are in the market for a countertop pressure cooker.

    Although there’s plenty of other companies in the space like KitchenAid that have survived over the years.

    • G0ldenSp00n@lemmy.jacaranda.clubOP
      6·
      2 years ago

      Yea, true but there are plenty of companies that only make one product really well. I feel like it is more because they took a bunch of VC funding and had large pressures to grow their employee count that made it so unsustainable. That plus the extreme amount of competition that they have in the space.

      • SkepticElliptic@beehaw.org
        2·
        2 years ago

        I’ve definitely noticed the cheap imitations of their product. I’ve even spotted one or two on the shelves at goodwill. I don’t really see those as competition. There’s plenty of other brands of stand mixers out there, yet KitchenAid is still considered a solid buy.

    • geissi@feddit.de
      2·
      2 years ago

      there’s only so many people who are in the market for a countertop pressure cooker

      The article mentions that

      in 2021 it canceled $100 million worth of orders from retailers

      So it doesn’t sound like they just ran out of customers

      • Cipher@beehaw.org
        4·
        2 years ago

        I’ve been using mine since 2021, and despite the jokes my friends make, no one can actually tell the difference in my hair cut. It does help to have someone that can trim your neck line and ears though

        • InsertCocktails@beehaw.org
          1·
          2 years ago

          I’d thought about getting one. Had one in the 90s. If you don’t have a hair cut that needs a lot of attention then yeah, nobody notices. Clean, easy, no barber.