I recently stopped production on a failed startup and feel I learned SOOOO much from the experience. What was the tipping point for you to shut your startup down?
Why did your startup fail?
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Re: Why did your startup fail?
#2You can start off by telling about why your startup failed?
Re: Why did your startup fail?
#3You can start off by telling about why your startup failed?
Good call.
My startup failed because our team (who worked in the music industry, but were not musicians) assumed we knew our audience (who were musicians) and made our development decisions based off that assumption. If we put a "minimal viable product" out to our audience sooner we would have been able to pivot heavily and possibly create a product they would want to use. Also never work in the music space! Ever!! :)
Re: Why did your startup fail?
#4Like most ideas I made a product for a market segment that I was not a part of. They wanted nothing to do with my product after investing 4K and many hours of time(this all happened when I was 18)
Re: Why did your startup fail?
#5Like most ideas I made a product for a market segment that I was not a part of. They wanted nothing to do with my product after investing 4K and many hours of time(this all happened when I was 18)
I feel ya! Did you spend your 4k on developers? Or are you a programmer?
Re: Why did your startup fail?
#6From the last year only:
Wrong product/market fit.
Overshot sales estimates.
Realized that I did not enjoy serving the market.
Co-founder issues.I never took in co-founders, gave it a try, realized I work best alone. Issues were of productivity. I'm very productive, they were not.
Not enough funding.
Issues are spread out between a handful of projects.
Re: Why did your startup fail?
#7I recently shut down my startup as well, and definitely feel I learned a lot from the experience.
My startup failed because we did not seek customer validation until our product was already built (after months of development). And at that point we realized we had built a product that nobody wanted. From now on I will not start building a product unless I already have customers who want/need it!
Re: Why did your startup fail?
#8You can start off by telling about why your startup failed?
Good call. My startup failed because our team (who worked in the music industry, but were not musicians) assumed we knew our audience (who were musicians) and made our development decisions based off that assumption. If we put a "minimal viable product" out to our audience sooner we would have been able to pivot heavily and possibly create a product they would want to use. Also never work in the music space! Ever!! :…
Why do you say, "never work in the music space"? Can you give specific reasons?
Re: Why did your startup fail?
#9A totally immature market. Many technological barriers for end users to install and use the solution.
Re: Why did your startup fail?
#10I recently shut down my startup as well, and definitely feel I learned a lot from the experience. My startup failed because we did not seek customer validation until our product was already built (after months of development). And at that point we realized we had built a product that nobody wanted. From now on I will not start building a product unless I already have customers who want/need it!
do you mean customer validation has to be done with an idea or concept. I thought having a MVP helps in that customer can more easily understand what you are talking about.