Well, the number one issue, as per research firm CB Insights is – no market need.
In her talk to the startup founders who are part of CEG ALUMNI INCUBATOR (CEGAIN), Shantha Mohan Ph.D. elaborated on two reasons why they fail and how early-stage startups can help reduce these risks.
She said that it is important to do good market research to understand the industry trend, consumer needs, and competition. Spending time and resource on this early in the journey will help find the right problem to solve that is at the intersection of a product for which there is a need from a sizeable market that has the ability to pay the price that will make the business viable. She gave techniques on how to do market research through surveys and shared the success story of icliniq.com by CEG alumnus Dhruv Suyamprakasam
She also spoke on the other failure reason – failure to network- and how founders must tap alumni, social media, and other networks.
It was super sweet of her – author of Roots and Wings, an entrepreneur, active member of CEG Alumni Association North America, social media influencer, and deeply involved in the innovation ecosystem in the US – take time from her very busy schedule to encourage and share knowledge with founders. Pandiyen R