We (as everybody else) were well aware of the dreadful start-up failure statistics. It goes like this: 9 out of 10 start-ups fail. Moreover, we were going to enter a highly competitive market. Therefore, we decided that we had to be a smart-up, not a start-up, if we wanted to succeed.
As already discussed in my article Start-up VS Smart-up: Is there a magic formula for startup success, according to CB Insights the top three reasons for startup failures are lack of market, cash problems and inappropriate team. They are followed by strong competition, price or cost issues, poor product or business model, and inadequate marketing. Our intention was to eliminate any possible failure scenario beforehand and invest as little as possible. Continue reading “How did we launch our startup with €200!?”
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