Bill Nguyen recalls the moment he realised his $40m start-up was a bit rubbish.
Color was the photo-sharing app that launched earlier this year with a phenomenal amount of investment cash, and prompted huge derision for being not very good.
It lets people in close proximity capture and share photos, videos and text in real time. But it was a huge flop and is now synonymous with the investment bubble around web/mobile 2.0 properties.
The firm was started by serial entrepreneur Nguyen, who was best known for selling his cloud music business Lala for $80m to Apple.
Nguyen has given a very candid interview about the whole awfulness to Fast Company.
He described his growing awareness of the general shitness thus: "Within 30 minutes I realized, Oh my God, it's broken. Holy shit, we totally fucked up.
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"I thought we were going to build a better Facebook. My reaction was like putting your finger into a light socket. You know something went very wrong."
The article also quotes Paul Kedrosky, a Silicon Valley investor and commentator, who said: "It's become a punch line. You can stand up at VC events and say, 'Color,' and people literally laugh without anything else being said."
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