Why did your startup fail? A Survey for entrepreneurs
Farokh Shahabi
9 replies
If you, like myself, had the pleasure of facing failure in your past startups, I'd like to invite you to share your story with other fellow founders:
Survey: https://formaloo.net/o85d0
This survey is anonymous and the results will be shared publicly, but if you'd like to share more about your story, let's share it right here!
Replies
Vedran Rasic
LeadDelta professional relationships CRM
We invested 150K in a product. Built all the bells and whistles and no one wanted to pay for it. We badly needed a biz model pivot. No one would fund it. Momentum was lost. That's it. Done. 👎
Share
Formaloo
@vedranrasic Thank you for sharing your experience! I too launched our MVP way too late and regretted it later
Spend too much time building the product. No distribution. No one wanted to use it when the product was done.
WorkHub
One of the most common causes for a startup's failure is a lack of funds, being in the wrong market, a lack of research, bad relationships, inefficient marketing, and not being an industry expert.
Formaloo
@qudsia_ali totally agree, especially iwth lack of research part, I see it more than anything else in young startups.
I wrote about it a little here: https://medium.com/startup-stash...
My first startup failure, was due to covid. It was just in the wrong place at the wrong time. https://skygenex.com/ we had a $32M dollar deal pending to buy the first jet bridges in an airport expansion, and collapsed after covid hit. My friend is still working on it, if anyone wants to help him out, and the market is rebounding.
I have moved on from that startup to build my own launching in April soon! Good thing, going digital, might be better in the post-covid environment! :D