Hipstamatic, one of the first startups to see success in the mobile photo-sharing space, is now in danger of losing focus after its competitor Instagram was bought by Facebook this year.

Fast Company's Austin Carr spoke with Hipstamatic CEO Lucas Buick and former and current employees about the company's struggle to stay relevant as Instagram continues to grow and thrive post-acquisition.

Here are some of the key takeaways:

The Hipstamatic team spent too much time going after Instagram and other companies in the social space, which eventually shifted their focus from who they really were.

While attempting to catch up with Instagram, Buick's team tried to create another product that crammed too many pre-existing products like Tumblr, Camera+, Path, and Pinterest into one app called PhotoMail. PhotoMail never launched.

Buick concentrated a lot on making Hipstamatic a lifestyle brand by creating even more apps and services instead of focusing on the core product.

Click here to read the rest of Carr's report for even more details >