Lessons from the Wind-Down of Olympia: An AI Journey

Host

Welcome back to the podcast! Today, we have a special episode for you. We're diving into the journey of a unique AI-driven app called Olympia, which recently announced its wind-down. Joining us is Obie Fernandez, the technical founder behind Olympia. Obie, welcome!

Expert

Thanks for having me! It's great to be here, even if we're discussing a bittersweet topic.

Host

Absolutely! So, to set the stage, can you give us a brief overview of what Olympia was all about?

Expert

Sure! Olympia was an AI virtual staffing app that offered role-based consultants—like strategists, copywriters, and legal experts—who worked collaboratively in a shared workspace. What made us special was that our team remembered context over time, which helped produce tangible outcomes for our users.

Host

That sounds fascinating! I can see how that would be valuable for teams. But as with any project, there were challenges. Can you share what worked well for Olympia?

Expert

Definitely! Our role-based collaboration really lowered friction. Instead of starting from a blank slate in conversations, users could jump right into their specific needs. Memory features added significant value, as they helped maintain long-term context, keeping customers engaged.

Host

Interesting! So, it wasn't just about providing advice, but actually doing tasks? That’s a big distinction.

Expert

Exactly! Features like outbound email and link-following meant we were moving towards real assistance—something our customers appreciated. We also found that showing case studies and tutorials was more effective than just telling users about the product.

Host

That’s a great insight! Now, on the flip side, what were some of the challenges or setbacks you faced?

Expert

Well, distribution was a big hurdle. Once larger platforms introduced similar features, a lot of the discovery shifted to those ecosystems. Plus, as advancements in AI models came along, our unique features quickly became standard across the industry.

Host

That must have been frustrating, especially after launching with so much enthusiasm.

Expert

It was. We peaked at about $7,400 in monthly recurring revenue, but as competition grew, we saw a decline. It taught me that even first-mover advantages can fade quickly.

Host

And what about the company structure? You touched on that in your article. What went wrong there?

Expert

I optimized for convenience early on by operating through my existing LLC, which led to ambiguity later. I didn't establish clear governance, which created issues down the line. It's crucial to set up proper structures from the get-go.

Host

That’s a valuable lesson for any entrepreneur. So, what ultimately led to the decision to wind down Olympia?

Expert

A potential asset sale fell through due to legal complexities, and there wasn't enough leadership alignment. I realized keeping Olympia in limbo wouldn't be fair to our customers, so I made the tough call to wind things down.

Host

That’s a tough decision, but it sounds like you were looking out for your users. Any final thoughts or lessons you want to share?

Expert

Absolutely! Every venture teaches you something. It’s important to document your decisions and ensure everyone is on the same page. And remember, sometimes it's best to pivot rather than hold onto something that's not working.

Host

Wise words, Obie. Thank you so much for sharing your journey with us today!

Expert

Thank you for having me!