User growth without revenue growth will definitely kill you.

I remember when Formspring launched in 2009, it set ablaze Facebook with crazy anonymous Q&A which plugged directly into the social networks monster social amplification system. Everyone I knew was using it, and then the new shinier thing came along, and then no one I knew was using it. What really inspired me at the time of Formspring’s growth to one of the fastest social media start-ups ever — 10Mn uniques within 2 months — was that the founder was Nigerian. Ade Olonoh is a native of Ibadan, Oyo State and left Nigeria when he was 9. Formspring, for all intents and purposes, was a massive, massive success building an audience of 30 Mn registered users who made 4 Billion posts over its 4 year history. During that time they raised $14 Mn from top tier Valley VCs and were expected to be monsters of the social media world. Formspring just announced it is shutting down on 31st March 2013. Why? No revenue.
While we’ve had great success in reaching a broad audience, it’s been challe...

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