OUT OF STEALTH, FLIPIDEA UNVEILS ITS BUSINESS IDEA CHECKER
Enabling data-informed decision-making through a collection of business failures data
BANDAR SERI BEGAWAN, 23 Aug 2019 — A Bruneian startup is on a mission to guide aspiring entrepreneurs and students to discover analytical insights by learning from failed startups and business failures.
Statistics show that more than 75% of new and small companies from around the world shut down every year.
This failure rate is staggeringly high and extremely concerning because it means seven out of ten companies are likely to fail.
“This is why we built our DaaS (Data-as-a-Service) platform to focus on business failures data gathered from around the world. The purpose is to enable our users to draw insights from the failed businesses and learn from their reasons for failure,” said Paul Lee, Co-founder & CEO of Flipidea.
Currently, Flipidea is a DaaS platform for searching information and data about failed businesses, such as post-mortem analysis, competitors analysis, bankruptcy reports, amount of investment raised, past founders and investors profiles, and more.
Flipidea’s database systems are primarily designed with the aim of reaching full autonomous data collection, translation, and storage, because it sources its data with machine learning.
“In the past, each time I’ve failed my business, I’d conduct a market research to identify my next business opportunities. However, I could not easily gather information from one source about the failed businesses of the industry that I was exploring. Reason being, I needed to know who my competitors were, and I also wanted to understand why some companies failed to sustain themselves,” explained Paul.
According to Flipidea’s analysis on 150 startups from around the world, the finding shows that the top three reasons for failure are poor business model (23%), strong competition (19%), and no product-market fit (17%).
“Our data show that most companies failed to address their customers’ critical pain points (also known as real-world problems) in their problem-solving, lacked the data-driven competitor analysis, and the absence of deliberate market validation,” said Paul.
In solving the issues, Flipidea developed an ‘idea checker’ to validate its users’ proposed or existing business ideas, and predict their failure rate.
“With our idea checker, we want to encourage our users to analyse their intuitive business ideas to understand their failure rate before they start on the rigorous process of formulating and designing their business solutions,” said Paul.
He added, “our idea checker can also check the uniqueness of our users’ existing business by identifying the failed companies who share the similar business ideas. As a result, users can decide if they should pivot into doing something different and creative, or not.”
As one of Goldman Sachs’ 100 Most Intriguing Entrepreneurs, Dr. Hank C. K. Wuh, Founder and CEO at Skai Ventures said, “Paul and his team are working on a real problem faced by many startups and businesses around the world. Their problem-solving approach is novel and holds enormous potential. I believe something good will stem out of this.”
Flipidea (pronounced as “flee-pee-dia”) is an early-stage startup offering analytical information about business failures. We developed our proprietary AI (Artificial Intelligence) solutions to prevent SMEs business owners, aspiring and budding entrepreneurs from repeating costly mistakes, and enabling you to make data-informed decisions.
Joanna Lee, Communications & Content Manager, Flipidea: firstname.lastname@example.org