Failed attempts and gained experiences: The insights!
May 01, 2016
Experienced founders and golden investors are not assurance of a startup, it all depends how well is your product marketed and how greatly does it serve the customers as compared to the rest of them. According to the co-founder of Lumos, which was a failed hardware startup in the IoT ( Internet of things ) , " Building a prototype is the easiest part of building a hardware startup. The real challenge comes in product design, production engineering, manufacturing, distribution and marketing/sales. " Adding details about this company's co-founders, they haven't given up yet and are instilled towards building their next venture, Fundamine. It's a community for professionals to stay connected with others in their space, exchange notes and stay updated. This never giving up quality is a speciality of all the entrepreneurs existing in the market.
Another startup named DoneByNone which was co-founded by Mr. Amarinder Dhaliwal failed to handle the demand or deliver products on time. The major reason behind the failure of this company was the tough space that ecommerce holds for smaller players unless they have a clear niche advantage and can match the likes of Flipkart, Amazon in sustaining deep discounts to capture the market.
Also sighting an example of Dazo, a startup which began as an Internet kitchen with it's own chefs and reliable partners serving a few localities in Bangalore failed as the curation of the content it promised began to take a beating. The Google India MD, the Amazon India country manager, the Freecharge CEO, and the founders of CommonFloor, TaxiForSure, and Yo China couldn't save this one. It had to shutdown in October within a year of launching. Through the above instances, we definitely can conclude that it's easier said than done. All you got to keep doing is learning from your mistakes, and even better, learning from others' mistakes which is repeatedly advised for startup companies and this never ends.
What do you think does learning from other Startup's mistake helps your startup? Comment below!