If You have been in the Business and Technology space in the past few years, You would have heard the word “Startup” countless number of times.
It is understandable because companies that did not exists 10 years ago (AKA Startups) are now not just existing BUT attaining Billion-Dollar valuations.
That is why these days, every Fela, Sowoore and Muoghalu either own or are associated with a Startup.
Somebody once told me “I have 3 Startups”..
I was like Wawu!!!, I didnt know this startup thing has now become like “Sim Cards” that we own multiple copies.
Of a truth, Startups are changing the narrative of what we used to know as business.
I was in a conversation recently where we agreed that the concept of a “Startup” is more of an ideology these days than the size or profit margins of the organization. From the Lean and Agile approach to work to the cross functional nature of work and the less “formal” work culture.
The truth is Startups are thriving!!!.
HOWEVER, for every Facebook, Andela and Paystack You hear about, there are hundreds of Startups that did not StandUp.
The failure rate of new businesses is about 95%..AKA.. if I start a business today, the probability that my business will survive the next 5 years is 5/100 where as, the probability that it will fail is 95/100.. if this was a NairaBet game, I am sure even me will place my stake on the 95/100 odd.
That is how bad it has become..
In Nigeria for instance, Technpoint.ng announced the obituaries of about 7 “popular” startups between December 2018 and today.
That has got me thinking because I hope to become a Venture Capitalist one of these days and if the ventures I hope to invest in are dying like Poulty birds suffering from Bird Flu,then which ventures will I be capitalising on?
I have done quite a number of researches, asked plenty questions from practitioners in the field of Business and Tech.
That is why I am writing this series.
In this series, I will provide IN-SIGHTS into some of the things some of these Startups did wrongly and how we can learn from their mistakes.
We will do some sort of POST-MORTEM of the Startups that have “Gone their ways” with a view to LEARN FROM THEM.
You should bookmark my website and/or enter your email in the box below so I keep You in the loop.
At the end of this series, hopefully, we will KNOW HOW NOT TO START A STARTUP and HOW TO MAKE OUR STARTUP STAND UP!!!
Yours in this hustle,
I am Seun Ogunmola I help People and Organizations to leverage on Technology to achieve their goals Faster, Easier and Cheaper.
I also write on diverse subject areas including Finance, Business, Productivity and Governance.