I was wondering how this could be the case at first where a lot of stories was popping up that the company that makes the popular pressure cooker Instant Pot was filing for bankruptcy. I see the products in stores and still remember how this one item is one of the few that essentially took off through word-of-mouth advertising. You would think all one would need to do is simply keep the ship sailing. So what happened?
From what I read it seemed to be an issue with the parent company that insisted in attaching the Instant Pot name to a variety of other products in hopes to capitalize on the brand recognition. This didn’t turn out so well apparently as the products didn’t do too well and as a result the company had to file for bankruptcy.
That’s hard to fathom how simple decisions can literally destroy what should be a very profitable business that was handed to you to work with huh? Reminds me of stereotypical stories of people creating a successful business from ground up only for someone to tank it once they took over as they just assumed they could play with their business like a stock market to try and earn more. It’s an interesting thought too where maybe sometimes it’s better to separate your brands and ideas just in case it doesn’t work out at times if they are completely different.