Chang Liu
May 7, 20201 min
A list of ten startup failures in 2019 reveals some common sense issues of starting a startup.
The failures are
KOINEX (Crypto Exchange Koinex Falls Prey To India’s War On Cryptocurrency)
HOMIGO (CO-living startup, Co-living startup, Homigo accused untraced, pace of probe irks tenants)
DOCTALK (Doctalk CEO resigns, 100 people laid off)
DOODHWALA (Fresh to-home delivery service provider shuts doors)
ZOPNOW (On line grocery store shuts its door)
WOOPLR (Online store builder and operator Social commerce store shuts its door)
From a straight first impression point of view, none of the companies have good names. Their names are strange, and most do not reveal what they do.
Two things that people should learn.
New is a double edged sword.
Sometimes you are new, sometimes you are too early. The difference is hair thin.
Things that many people go in can all fail.
One minute you are too early, and one day later you are too late. This is the pace of innovation and entrepreneurship. Just because 100 companies are formed overnight does not mean any one of them will survive.
A good company must have a solid, unique result and service. Just scratching itches is not enough for people to pay you.
Remember,
1. Just because it sounds logically good idea does not mean you will get people to pay. Having people pay you on consistent basis is a BIG DEAL!
2. Just because there is a company does not mean there is business. Just because ALL VCs like the idea does not mean that the company can force through the fact that there is no business to sustain a company.