identify one start-up failure. Do not use Google glass, Layer Inc or Doppler labs. Write a one page description with the following content: 1) Describe the company product. 2) Describe why the company failed. 3) What could they have done differently?
identify one start-up failure. Do not use Google glass, Layer Inc or Doppler labs. Write a one page description with the following content:
1) Describe the company product.
2) Describe why the company failed.
3) What could they have done differently?
1.) Shyp was among the company which wanted to bring demand services in peoples lives through shipping. The company product or service was about the shipping of the items from one place to another just with the help of application without investing time, energy to find and buy the box for the packaging, pack the items, and post it to address while visiting the nearest shipping company as a whole. Shyp attempted to minimize the burden of shipping items; their application allowed users to take a picture of the object they wanted to send, and Shyp would pick up the item and ship it to a shipping company for a $5 fee.
2.)
- The problem was with companies operation model and that was the major reason behind companies failure even after raising $62 million in funding.
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Given the large variation in the size of packages that people submitted, a flat fee for pick up and packing proved a challenge. In response, the company implemented packaging and shipping costs that may vary depending on the size of the packaged item as a whole. It resulted in a diminishing reputation and brand image in the eyes of customers.
- The business was not sustaining if the customer base is not being increased over time. Customers would ship packages occasionally not repeatedly like any other product or service as it was sporadic activity.
- And another primary reason which is common in most of the failed startup is growth, at all costs.
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