Every year, more than 75% of new and small companies around the world shut down.
Evidently, the business shutdown rate is staggeringly high.
This is why Paul co-founded Flipidea (flee-pee-dia).
By leveraging data science to discover insights from business failures, our affordable startup intelligence platform empowers founders to reduce costly mistakes, make prudent strategies, compete innovatively, and fundraise strategically.
If failure is referred as failing to see the projected return on investment, then the failure rate is 70% to 80%. However, if failure is defined as declaring a projection and then falling short of meeting it, then the failure rate is a whopping 90% to 95%.
Most business studies and entrepreneurial research seem to have a natural tendency to focus on success stories (Madsen & Desai, 2010), and less on failure stories which may result in a survivorship bias that can lead to over-stating or understating the predictability of events (Brown et. al., 1992).
With data science, we’re discovering insights from business failures to help you save time and money by learning from those who have failed so you don’t have to repeat their mistakes.
We’re building state-of-the-art business intelligence systems powered by data mining and advanced analytics technologies to solve your critical business pain points.
Empowering you to innovate.
A failure is a man who blundered, but is not able to cash in on the experience. (Elbert G. Hubbard)