Great article. Validates the point that it is super important to rather have a few users who love your product in the early days. Massive churn rate in addition to killing startups can also impact more established companies. For example, Zillow has been having over 30% churn rate annually. But at the same time they have been able to acquire new customers to keep the momentum going. More than 10% of total realtors in the US have subscribed to Zillow's premier agent program at some point. Needless to say only startup are not prone to underestimating churn rate. Zillow's stock price doubled in last one year as their revenues "grew." But I suspect they are soon going to hit the glass ceiling with this high of a churn rate.