The main reasons for failure are according to CB Insights:
– Overly ambitious business plan– Marketing in the wrong areas
– Poor partner selection process
– Insufficient senior management time
– Lack of buy-in at all levels
Cost Of Failure
The cost can vary from a few hundred thousand dollars to a hundred million dollars. And even industry visionaries got outcompeted by others that adapted faster to the changing way of doing business.
Famous Fails
“500 dollars? Fully subsidized? With a plan? I said that it is the most expensive phone in the world. And it doesn’t appeal to business customers because it doesn’t have a keyboard. Which makes it not a very good email machine.”MICROSOFT CEO STEVE BALLMER – 2013
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“I don’t really worry so much about [AWS], to be very blunt with you. … – We need to worry about ourselves. We’re in a great position.” / Source ORACLE CEO MARK HURD – 2017
“VOD is further off than we thought it was. We keep monitoring all this stuff, and when it looks like a sustainable profitable model, we can get into these things” / SourceBLOCKBUSTER KAREN RASKOPF – 2002
“Screw the Nano. What the hell does the Nano do? Who listens to 1,000 songs?” / SourceMOTOROLA CEO ED ZANDER – 2005
“You can’t get your hand around it, No one’s going to buy that”Jobs said when Samsung and Google came out with phones larger than the 3.5” original iPhone / SourceAPPLE CEO STEVE JOBS – 2014
“Neither RedBox nor Netflix are even on the radar screen in terms of competition. It’s more Wal-Mart and Apple.” / SourceBLOCKBUSTER CEO JIM KEYES – 2008
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