Startup Failures: Lessons from Revolutionary Products and Poor Market Research
Many startups enter the market with not only revolutionary ideas but also the right products. However, even that may not guarantee success. In this article, we’ll explore three examples of revolutionary products that, despite their potential, failed due to a lack of market research and an understanding of key factors like timing and location.
Marketing without credible market research is like shooting at a target in the dark. The chances of hitting the mark are slim, and no reasonable person would bet on those odds. History is full of brilliant inventions that failed to succeed, not because they lacked innovation, but because their creators overlooked critical market dynamics.
Three notable examples are electric scooters, video calling, and paper tissues. The original inventors of these products launched without assessing the market readiness. Arthur Hugo Cecil Gibson’s electric scooter idea in the 1910s, AT&T’s video calling project in the 20th century, and Gottlob Krum’s paper tissues in the 1890s all struggled despite their revolutionary potential. Ultimately, it wasn’t until the right timing, social norms, and economic factors aligned that these products found success in later iterations.
Watch the full video, written by Toomaj Freydouny-Bungs, to explore these examples in detail and learn how critical market research and timing are essential to a startup’s success!
