At VeloCity, we encourage all students to have ideas and with that, pursue their ideas to create a new or improved start-up. Yes with determination and the right mind-set, most ideas can be viable and successful, however, experts from Business Insider believe that there are ten major start-up ideas that continue to fail.
The ten start-up ideas that always seem to fail are:
- Any semantic search engine that’s not Google or Bing.
- Social recommendations as a standalone. The idea is to collect personal data from individuals about their preferences and tastes to create recommendations for other individuals or the individuals that the data were collected from.
- (Surprisingly) Local news sites. Apparently, Business Insider has not heard of therecord.com, which is one of Kitchener/Waterloo’s online local newspaper.
- Micropayments is a way of paying or tipping for content on the internet aka, reading a blog or a newspaper article online.
- Eliminating email. Yes you read right! No even to improve or change how emailing is done, but the whole idea is to displace email entirely. The latest attempt was Google Wave, which Tech Crunch describes as “part email, part twitter, part instant messaging”
- Creating a new wave of car companies in hopes of eliminating endless frustration and headache.
- Music start-ups can not win against the powers of the internet. iTunes seems to be the only successful internet music venture at this point.
- Combining the TV and the internet. Boxee.tv, for example, finds TV shows and movies that are online and puts them on the customers TV. Boxee, like most others, require a box hardware and a few wires that are installed at home, in order for this transfer to work.
- RSS Readers, which make reading internet content easier.
- Start-ups serving young children and parents. The target market is too small and with big name companies like Toy’ R Us and Walmart that are fighting to keep and obtain business from this market.
I acknowledge that there are many contributing factors that could prevent or decrease the chances of creating a successful start-up, however, it is my opinion and experience (working at VeloCity) that with determination and hard work anything is possible!
What do you think?!