How start-up Spring’s rebranding went wrong

Today, my colleagues have an illuminating look at merchandise startup Spring, which has struggled to rebrand itself as a maker-economy company. With layoffs and an increasingly frustrated customer base plaguing the startup, Spring is in crisis — and insiders say the outlook is bleak.

I dig that, and more, below.

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spring logo

Spring; Getty; Sydney Bradley / Insider

1. Spring is facing a crisis. Once seen as an IPO-bound juggernaut, the commodities startup is struggling to rebrand itself as a maker-economy company — and layoffs, payment and shipping delays, and a clientele more and more frustrated assail the company.

  • Formerly known as Teespring, Spring is a print-on-demand company best known for making t-shirts and hoodies.

  • Last year, however, the CEO announced that Spring would focus on digital products. The restructuring would focus on creators, integrations with Instagram and YouTube, and NFT features, rather than physical products.

  • Conversations with 10 creators who have used the service and 16 former staff members reveal a range of recent struggles, including late payments to creators, declining product quality, and a slew of empty promises about new features and support customer.

Inside the “dark outlook” in the spring.

In other news:

A woman reading a book on the beach

A woman reading a book on the beach

Wittaya Prasongsin/Getty Images

2. Founders and CEOs share the books that have shaped the way they think and lead. From self-help books to a detailed account of the financial crisis, the founders and leaders of top startups have shared the books that have transformed the way they run their businesses. Check out their recommendations.

3. After four years, Snap is ending Yellow, its startup accelerator program. The move is part of a series of company-wide cuts, including layoffs affecting around 20% of its workforce. Get the full recap here.

4. MicroStrategy founder Michael Saylor is being sued by the District of Columbia Attorney General. The tech billionaire is accused of evading more than $25 million in income taxes. Here is the latest information on the tax evasion allegations.

5. How much do unicorns pay their employees? Sifting through the data, Insider discovered how much hot startups like Revolut, Celonis, and Sorare are paying their employees. In some cases, base salaries can be as high as $472,000 – see more unicorn salaries here.

6. Jeff Bezos’ son warned him not to spoil the ‘Lord of the Rings’ prequel. During the show’s premiere, Bezos shared with the audience his 22-year-old son’s request, “Please don’t do this.”

7. We’ve listed the 25 fastest growing direct-to-consumer brands. From designer cannabis storage to shoes and mocktails, startups focused on personal wellness and food dominated the list. Check out the full list of booming DTC brands.

8. Crypto.com accidentally sent a woman $10.5 million instead of $100. The cryptocurrency company failed to spot the mistaken payment for seven months – by then the woman had already purchased a $1.35 million house. How the huge confusion arose.

Tips:

A motorhome rented through Imoova.

A motorhome rented through Imoova.

A motorhome rented through Imoova.Randy Naraine

9. You can book an RV trip for as little as $1 a day. Some RV manufacturers and rental companies offer one-way rentals for pennies on the dollar through relocation deals, which allow travelers to transport a van from one location to another. Here’s how it works.

10. Bottom line: Headphones that match your skin tone. An Insider reporter tested JLab’s Go Air Tones, headphones that come in seven different shades — and at $20, offer surprisingly good value for money. Read the full review.

What we’re looking at today:

  • NASA is expected to test a new all-electric plane this month (at the earliest).

  • Porsche chief Oliver Blume replaces Herbert Diess as Volkswagen CEO.

Keep up to date with the latest tech news throughout the day by checking out The Refresh from Insider, a dynamic brief audio from Insider’s newsroom. Listen now.

Organized by Jordan Parker Erb in New York. (Comments or advice? [email protected] or tweet @jordanparkererb.) Edited by Hallam Bullock (tweet @hallam_bullock) in London.

Read the original article on Business Insider