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It seems like one of the main problems is that their target market was too large, and they were directly competing with slack which dominates that market. A better approach might have been to target a more niche market in the business communication tool space, and be the best tool in that space, before broadening to the wider market.

If you target the business communication space you are dead in the first second: you cannot compete to Skype for Business, for example, that is backed up and supported by Microsoft (and that matters a lot) and it is already feature-complete. Not unless you have a product that can compete on features and backed up with guarantees you will offer upgrades and support for many years, this is what companies want first.

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