Why Startups Fail Series
What To Do Before Asking for Funds
Checklist for Your Startup’s Funding
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Brendan Goh, Co-founder of Pirate3D
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What is this about?
Startup failure is inevitable, even with the most experienced entrepreneurs and seasoned investors--it's impossible to predict every possible obstacle your startup could encounter.
Pirate3D set out to change the world of 3D printing by creating an affordable and accessible solution for consumers. Offering a simple, innovative, and cost-effective way of 3D printing, it looked to build on the recent advancements in consumer 3D printing technology.
Formerly regarded as one of Singapore's most promising tech startups making waves on Kickstarter, Pirate3D has faced an unfortunate end. In this podcast, you will learn about the company's history, how it could have prevented the failure, and what you can learn from the project's mistakes.
Pirate3D set out to change the world of 3D printing by creating an affordable and accessible solution for consumers. Offering a simple, innovative, and cost-effective way of 3D printing, it looked to build on the recent advancements in consumer 3D printing technology.
Formerly regarded as one of Singapore's most promising tech startups making waves on Kickstarter, Pirate3D has faced an unfortunate end. In this podcast, you will learn about the company's history, how it could have prevented the failure, and what you can learn from the project's mistakes.
The Podcast
Be it in your pocket, your hand, or enjoying the audio version of the case study during commutes or lunch breaks - there’s no better feeling than immersing yourself in our startup playlist that is simply hard to miss.
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The Article
Introduction
The first phase of running a new business can be challenging. It requires an extra amount of commitment, passion, and faith. It may take you some time before seeing significant growth, but it doesn't mean that you should let time do everything to facilitate your business's growth.
According to the Small Business Administration, around 65% of all enterprises fail within the first ten years of operation. Time, leadership, and having the financial resources to live long enough to generate a profit are all barriers.
💡 Tip 1: Monitor Your Startup Strategy
Let's say that you've already put in the effort to create a strategic plan for your startup. Using metrics to track its development ensures it stays on track – it is, for this reason, our first tip.
💡 Tip 2: Not to Sell Too Many Products
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💡 Tip 3: Keep an Eye on Your Competitors
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💡 Tip 4: Establish Partnerships
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💡 Tip 5: Evaluate Results
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Reviews
A good example of how a startup business can fail is not fully knowing all the possible pitfalls. Anyone looking at starting their own business in 3D printing needs to read the excerpts, but it might be worth paying for a subscription. The critical part of any business is being fully conversant with every step of the process.
- John Calluy
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