Every year, more than 75% of new and small companies around the world shut down.
Evidently, the business shutdown rate is staggeringly high.
This is why Paul co-founded Flipidea (flee-pee-dia).
By leveraging data science to discover insights from business failures, our affordable startup intelligence platform empowers founders to reduce costly mistakes, make prudent strategies, compete innovatively, and fundraise strategically.
If failure is referred as failing to see the projected return on investment, then the failure rate is 70% to 80%. However, if failure is defined as declaring a projection and then falling short of meeting it, then the failure rate is a whopping 90% to 95%.
Most business studies and entrepreneurial research seem to have a natural tendency to focus on success stories (Madsen & Desai, 2010), and less on failure stories which may result in a survivorship bias that can lead to over-stating or understating the predictability of events (Brown et. al., 1992).
Based on the data gathered by the Global Entrepreneurship Monitor (GEM), researcher Moya K. Mason (2012) estimated that nearly 100 million new businesses are created each year worldwide. However, about 30 to 50 million companies stand a chance to survive within 1 to 5 years of operation.
When you want to build a business with strong competitive edge, but don’t have the right knowledge and affordable tools, our affordable business intelligence helps you to reduce costly mistakes, make prudent strategies, compete innovatively, and fundraise strategically.
We understand that you value insightful data and intelligent tools. Unlike our competitors, our solutions empower you to validate the market at minimal cost, so you can make data-informed decisions to improve and innovate your business.
Empowering founders to innovate.
A failure is a man who blundered, but is not able to cash in on the experience. (Elbert G. Hubbard)