One of the most innovative companies of the mid-2000s, Jawbone revolutionized sound with the first smart bluetooth headset and then with Jambox, the first smart wireless speaker. And it pioneered wearable technology with UP, the first wrist-worn fitness tracker. But product malfunctions, weak gross margins, inflated valuations and financing troubles would reverse Jawbone’s meteoric rise. In one of the most dramatic turns in Silicon Valley history, the company went from a nearly $4 billion valuation to liquidation. This rich cautionary tale holds valuable lessons for founders today. In a new era of capital constraints, Jawbone’s story is more relevant now than ever. Co-founders Hosain Rahman and Alex Asseily, and Creative Director Yves Behar, share what they learned along the way.