
Bill Scuorzo is the president and CEO of BCG Advisors, an insurance brokerage in Secaucus, New Jersey. Holding a BA in marketing from the University of Scranton, Bill Scuorzo is also the president and CEO of AndAme Investments, a firm that invests icapital and expertise in struggling small businesses and startups to improve efficiencies, reduce expenses, and increase profitability.
According to Failory, a popular website that publishes content on startup founders, only around 10 percent of startups succeed. From their research, the top reasons why the majority of startups fail are poor marketing, slow product adoption, not hiring the right talent, lack of adequate funding, scaling too fast, and tech and legal challenges. Examples of popular startups that failed include Quibi and Jawbone.
Quibi was a streaming service that offered its customers less than 10-minute movies they could watch on their smartphones. The startup launched in April 2020. It raised $1.75 billion and the people at the helm were experienced executives What led to the shutdown of Quibi 6 months after it launched was slow product adoption because not many people wanted what the company was offering.
Jawbone has been dubbed as one of the biggest failed startups ever. The company raised over $900 million during its lifetime and achieved success selling Bluetooth speakers and headsets but couldn’t replicate this success selling fitness trackers. Jawbone wound up selling its stock to a reseller in 2017 due to money issues and the fact that their fitness tracker couldn’t match that of market leader Fitbit.
Other notable startups that failed include Theranos (due to fraud) and MoviePass (because of deceiving customers about their product and financial challenges).
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