About two years ago, CB-insights published a research on why tech startups fail. They interviewed 102 startups that stopped operations, and listed the results in the image below.
The first reason for failing is that there exists no market for the products or services delivered by the startup. Something that happens similarly with inventions. If the market appears not to be accepting the offers on sale from the startup, or the inventor… that is a strong indication that the startup/inventor fell in love with his or her product, not with his or her client.
The second reason being that the startup runs dry of money. This reason can be closely related to the first reason, if there is no market, or no paying customer, there will inevitably come a time that the money is gone.
The third reason is that there is a lack of the right people… People who can sell, organise, have drive and amazing discipline.
All of these issues, my clients, inventive entrepreneurs are struggling with. What are your struggles? What is hindering you in becoming successful? I am very curious about this. If you respond in a DM, I will give you my book “ten mistakes to avoid in protecting your invention” as a thank you gift.