The recent coverage of Quibi’s downfall was extensive, to say the least. Media outlets, including our own, thoroughly examined the situation, and understandably so. The story involved approximately $2 billion in investment (with $350 million being returned), a team of highly-regarded executives and production professionals, a substantial advertising push, and a public relations approach that seemed to invite scrutiny.

However, this widespread analysis prompts a valid and important inquiry: Are we unfairly critical of what was, at its core, a failed venture? Was Quibi simply a risk, like any other startup, that unfortunately did not succeed? Andrew Chen, a general partner at A16Z, articulated this perspective on Twitter, describing the situation as “gross” and emphasizing the inherent difficulties of building a new company:

This viewpoint resonates strongly, particularly within TechCrunch. We consistently aim to acknowledge and appreciate dedication and effort. We recognize the significant challenges involved in launching a startup, regularly engaging with thousands of founders annually and hearing firsthand accounts of both the hardships and triumphs associated with company creation. We also frequently report on the positive outcomes and successes within the startup ecosystem.

It’s important to acknowledge that the majority of startups ultimately fail. Many concepts prove unsuccessful, and most entrepreneurs will not achieve their desired outcomes. This reality shouldn’t discourage individuals from pursuing their ambitions and passions. When successes do occur, we highlight them, analyze them, and attempt to understand the factors contributing to them—as increased entrepreneurial success benefits everyone and drives progress.

However, it’s equally important to distinguish between flawed ideas and demonstrably poor concepts backed by substantial funding from experienced individuals who should have recognized the risks. Quibi wasn’t the brainchild of a student entrepreneur experimenting with a new mobile format using personal funds. It was spearheaded by two prominent and influential executives who secured more funding than all female founders collectively received this year.

Chen raises a valid point: many now-successful technologies initially appeared unpromising. Throughout history, numerous innovations were initially dismissed by investors and the media as either foolish or impractical.

What accounts for the transformation of seemingly flawed ideas into successful ventures? A key factor is the iterative process of development. Facebook, for example, began as a simple directory for college students. Had it remained limited to that initial scope, it likely would have faded into obscurity like many other social networks. However, Zuckerberg and his team continuously added features—such as photos, a news feed, and messaging—with a strong emphasis on growth, evolving the platform far beyond its original conception.

This pattern has repeated itself consistently. Founders gather user feedback, refine their products, adjust their strategies, and experiment with new approaches, gradually transitioning from a basic concept to a more competitive offering in the marketplace.

This iterative process was conspicuously absent in the case of Quibi. The product lacked significant development, and there was no long-term strategy for cultivating users and talent while carefully managing resources during the inevitable challenges of growth.

While commentators occasionally err, the criticisms leveled against Quibi’s fundamental flaws were justified. Those analysts were astute in their assessments. While predictions are not always accurate, it’s crucial to avoid automatically praising every new idea as a stroke of genius. The majority of ideas are flawed, and it is reasonable to point that out.

Therefore, respect the effort of entrepreneurs striving to bring their projects to fruition. However, that doesn’t preclude constructive criticism. The most successful entrepreneurs understand that even harsh feedback is essential for achieving success. Universal praise diminishes the value of genuine accomplishment.