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Peter Cowan · · 1 min readPodcast – Lessons from the collapse of HelloGold’s consumer business
HelloGold, a gold-trading platform based in Malaysia, shut down its consumer business last week amid the tough macroeconomic environment. The decision dealt a blow to co-founder and CEO Robin Lee, but it’s one he and other entrepreneurs can learn from.
Lee sat down with Fintech News’ Vincent Fong on the Fintech Fireside Asia podcast to discuss what went wrong for HelloGold and what others can learn from it.
Here are five highlights we’ve picked from their 40-minute chat:
2:14 – Lee on HelloGold’s ultimately “tragic” pivot to B2C from a B2B2C model and why the company is going back to its roots.
9:46 – How to know when to call it quits with your startup and not “drink the Kool-Aid.”
13:26 – What Lee would do differently if he could start all over again.
20:42 – How HelloGold’s initial coin offering (ICO) shaped Lee’s strategies and business decisions.
29:34 – Why, in a way, HelloGold should have shut its retail operations a year ago.
Editing by Arpit Nayak
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