4 start-ups that failed and then succeeded.
Posted: Nov 10, 2015
The recent times have seen a drastic bloom of start-ups all over the world. More people are inclined towards entrepreneurship than ever before. But the path to a successful start-up venture is a tricky one. Many begin the race, but don’t reach the finish line. But the many that do have some remarkable reasons and stories behind their success.
Here are 5 highly successful start-ups and their journey to the top –
Founded by Phanindra Sama with two is roommates, redBus.in is a revolutionary portal to book bus tickets. These engineering graduates create BOSS, a software that could make ticket-booking easier for the bus operators as well as the customers. However, when it failed to impress the bus operators, their mentor gave them a crash course on management and helped them make favourable changes in the software. In June 2013, redBus.in was sold to Ibibo Group for 138$ million. Sama has always credited part of his success to his mentor, Sanjay Anandaram.
Nihal Mehta co-founded this New-York based ad-tech firm that leverages social media to run intent-targeted ads. Mehta had been in the start-up industry for the past 16 years. In 2013, LocalResponse was projecting a run rate of $10 million. But it wasn’t all sunshine’s and rainbows. He started ‘buzzd’, a real-time mobile city guide in 2007. In 2010, however, a lack of definite revenue model proved to be his downfall. The $4 million in funding seemed to be disappearing fast. His co-founder left and his staff-size shrunk. However, after some tough negotiation with the investors of ‘buzzd’ for about six months, he was able to raise $7 million and reintroduced the company as LocalResponse in 2011. Nihal feels that his ultimate success could only be pinned to his motivation to stay in the game and not back down.
In 2010, JustDeals.com was started by Frank Jadhavji, who also acts as its CEO. It is a deal site for consumer electronics and appliances. Already a veteran in the computer and consumer electronics industry, Jadhavji decided to use his experience to launch his own company. Within the first year, the company reached an astounding success. However, during a holiday shopping season, thieves broke in the van carrying goods worth thousands of dollars. As a result they were left with no merchandise and waiting customers. This bode badly for their business and reputation. However, after some serious damage control by his employees in the form of discounts and coupons, they managed to salvage their good name. Last year, JustDeals reported that their web traffic has tripled. Jadhavji faced with an alarming situation, but quick-thinking on the part of his ingenious team proved to be his salvation.
Dyson Company is the famous inventor and seller of bag-less vacuum cleaners in over 50 countries. They nonetheless, did not have a steady beginning. The founder and CEO of the company, Sir James Dyson persevered and failed and persevered again to get the perfect product. He failed with 5127 prototypes of vacuum cleaners but clearly he did not give up. With 15 years spent in creating the perfect model of bag less wonders, he introduced it in the market in 1993. And today he is a billionaire with a net worth of $3,000,000,000. One cannot stress this fact enough that it was his constant dedication and hard work that made him a billionaire. So if you want to create anything, the way you view your failed attempts will decide whether or not you’re going to succeed.
Failure is a feedback. Learn from it, regroup yourself and strike back again. Sometimes success takes time, but you never know unless you try. After all, entrepreneurship is an adventurous and uncertain path and failures does make success taste much sweeter.