Quibi and the Perils of Ignoring the Wisdom of the Crowd

The short-lived billion-dollar backed startup got seduced by the fallacy of the visionary entrepreneur

Quibi founder Jeffrey Katzenberg demonstrates Quibi at Sundance in January. Photo: Daniel Boczarski/Getty Images

By raising $1.75 billion and then shutting down just six months after it launched, mobile streaming service Quibi has now guaranteed itself a place on the list of business history’s great cautionary…