Wealthsimple Employees Cash Out as ICONIQ Purchases $100M in Shares

The closure of Sampler, a once-promising platform revolutionizing product sampling, has sparked a question haunting many entrepreneurs: Could this happen to my company? This reflection echoed through the minds of tech leaders, founders, and innovators who gathered at SAAS NORTH 2024 on November 13 to hear a deeply personal fireside chat. Marie Chevrier Schwartz, founder and former CEO of Sampler, took the stage for a tell-all conversation with BetaKit editor-in-chief Douglas Soltys, shedding light on the challenges that led her decade-old business to file for bankruptcy earlier this year.

Appearing on The BetaKit Keynote Stage, Schwartz admitted she was “extremely nervous” as she opened up about her journey—a story she had not shared publicly until BetaKit’s exclusive report in August. With raw honesty, she described the struggles she faced, especially during the pandemic, when the need to adapt to extraordinary circumstances forced her to make difficult trade-offs. “In hindsight, [the pandemic] made me, as a leader, ultimately ignore some of the fundamentals of the business that were very difficult,” she shared.

This moment was not just an opportunity to recount what went wrong—it was a call to normalize failure in the tech industry. Schwartz emphasized her intent to address the stigma surrounding failure, a subject often avoided in the startup world. “I wanted to share my story because I know I’m not alone,” she told the audience. “At some point, most of us will face failure—and that’s OK.”

Sampler’s downfall, once a thriving business connecting brands with consumers through targeted sampling, was a sobering reality check for the hundreds of founders in the room. Schwartz’s candid recounting highlighted several critical factors that contributed to the company’s bankruptcy. Among these were long-standing operational challenges that were exacerbated by the pandemic, a period when rapid shifts in strategy and resources caused deeper cracks in the foundation to emerge.

“I think as founders, we often get caught up in the urgency of what’s happening around us,” Schwartz explained. “But ignoring fundamental issues in your business will eventually catch up with you. For us, that moment came at the worst possible time.”

The session struck a deeply emotional chord with attendees, many of whom reflected on their own experiences navigating challenges in the face of uncertainty. Schwartz’s willingness to be vulnerable opened the door for conversations around resilience, leadership, and the difficult decisions founders must make. As she described the pressures of running a business during the pandemic, it became clear how easily external crises can overshadow internal priorities.

The chat also explored broader lessons for the tech community. Schwartz urged founders to maintain a strong focus on fundamentals, even amid external disruptions. “Adaptability is important, but it can’t come at the expense of the basics,” she noted. This theme resonated throughout the discussion, offering a powerful reminder that scaling quickly or navigating crises doesn’t excuse a lack of attention to operational health.

The impact of Schwartz’s story extended beyond lessons in entrepreneurship—it became a testament to the value of resilience and the importance of redefining success. Her decision to speak publicly about Sampler’s closure was met with admiration, as she used her platform to challenge the narrative that failure is a final destination. Instead, she positioned it as a necessary stepping stone toward personal growth and future ventures.

For the tech leaders at SAAS NORTH, Schwartz’s story illuminated the hidden struggles many founders face but rarely discuss. By shining a light on the complexities of running a business through highs and lows, she fostered a sense of solidarity within the audience. Her message was clear: failure is not the end but an opportunity to learn, rebuild, and ultimately emerge stronger.

As the session concluded, attendees left with a mix of somber reflection and renewed determination. Schwartz’s story served as both a cautionary tale and a rallying cry for entrepreneurs to embrace the inevitable challenges of their journeys, understanding that even in failure, there is hope for reinvention and success.