Question: What is one major lesson you learned from a failed company?

The answers below are provided by members of FounderSociety, an invitation-only organization comprised of ambitious startup founders and business owners.

Don’t Stop Innovating

Before there was Yelp, there was CitySearch. It was a similar concept and was the go-to site for finding places around the city. But just as quickly as it rose, it declined. It stopped innovating and updates to the site were slow. From the outside, it seemed as if hubris and failing to innovate killed them. The lesson learned for me is when you stop innovating, your company fades away.

— John Arroyo
Arroyo Labs, Inc.

Don’t Rush to Expand Geographically

As the founder of a rapidly growing food startu...