Tempo had a lot of promise when first launched. They raised over $250M rather quickly and had talented adults in key positions. The pandemic brought great product-market fit as people couldn't go to gyms in person anymore. The products were solid and the future looked shiny. Tempo hired fast and loose to prepare for hyper growth and the ultimate goal of an IPO. Once the pandemic restrictions starting lifting, Tempo didn't adapt. They poured tens of millions into paid ads and into an awkward partnership with a retired professional skier. Instead of scaling back ad spend as demand eased, they doubled down. The Board didn't seem to require accountability for myriad spending disasters. Management began losing focus on managing. Rather they chased vanity projects and got lost in the weeds. The CEO even got involved in landing page designs and other basic tasks. These distractions took away from securing the next round of funding, setting the strategic direction and managing the expectations of the Board. Hiring a seasoned CEO experienced in bringing a company to IPO would have helped stave off the coming storm. As the distractions mounted, the business began to flounder. The rest is history.
