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Two weeks after Tumblr abruptly announced it was closing up Storyboard, its year-long journalism experiment that surfaced interesting content from within its blogging community, CEO David Karp opened up about why he decided to put it to rest.

"If we could just tell these stories in the same way great journalists can, it might be a lot more natural and potent than the product marketing that most companies do," Karp said in a discussion at Fast Company's Innovation Uncensored conference Tuesday afternoon. “But we didn't find the formula for it.”

Karp added that many others had the same idea, notably Facebook, which operates its own experimental journalism project, Facebook Stories.

"If we do too much storytelling ourselves, the fear is that we’re going to take away from our community of storytellers," Karp says. "They’re already terrific at this."