Okay. So, to wrap this up, the full details of 20 reasons why startups fail is out in the PDF I showed at the beginning of class. You can do it sometime, you don't have to do it now. Yes? You actually asked previously how the Department of Transportation does the occupancy check? Yes. They actually check on little cars which you mentioned that, which select the transponder as high occupancy vehicle and they have that manually checked by state troopers. By state troopers? By regular police person. Have you watch them on video feed or something? They are positioned somewhere along the freeway and they keep a check on those cars which select the transponder as it shall be. Well, that's interesting. May you drive up and down their, do you see State Police position here and there? I don't remember. Yeah. So, it's not something fancy like heat thermal imaging? Perhaps, I was hoping it was something cool like that. Xerox is coming up with a new way to do that. All right. The top 20 reasons startups fail. Number 20, failure to pivot. Pivot means, you've got an idea for a project, you've got an idea for a service, and you're in the process and something changes. The market changes, the requirements change, the landscape changes, something changes, and you need to shift and adapt. Are these graphics? They should have shifted and adapted to an alternative business model. So, it was number 20, failure to pivot. So, take a guess. What do you think number one is? Number one reason why starting fails? Accepting your mistakes? No. Other guesses? Failure to meet deadlines? No. Filling the requirement gap in the market? That's why people who buy your product, right? And you'll need that as a startup. That's very good. Number one is, no market requirement. What in the world with a venture capital people thinking to fund a startup to build a product that had no market? That was what I thought of when I saw that. I actually wonder if that's accurate. I wonder if it was a typo or an ordering, because it's so stunning to me that venture capital or group of few venture capital, firms would dump a million or two dollars into his startup, and there's no market outlet for the product or the service. It's unbelievable. All right. Keep going. Burnout, good job. By now they get tired. I don't want to do this anymore. In our 18, didn't utilize the network- their own network of people. They needed to hire people or they needed a consultant, and they have a network on LinkedIn or elsewhere business relationships, big stack of business cards they've acquired over the years and they failed to leverage the people in their own networks to assist them. Number 17, legal challenges. There is patent infringement. Big company got wind of those little startup and brought the lawyers in and threaten them with legal action potentially, kind of stuff happens unfortunately. There is a difference between what's legal and what's fair at least in the US. It's not necessarily nice thing. Number 16, they're trying to go out on their own and they find, they took out a mortgage on their house and they couldn't get any investor interest and they have no money. Fifteen, failed geographical expansion. So, here's a company that's operating in the US and they try to move into Europe, and they're not positioned appropriately, they're not staffed properly or their product or services isn't as desirable in that new geography, due to cultural reasons or other reasons. Failed geographical expansion. Number 14. Lack of cash for it's almost like 19. Lack of passion for their own ideas. I got there all done, I got into it, and then odds of working 18 hours a day. I'm not getting any sleep and their wives are all mad at them or their husbands are mad at them, and they just can't do this anymore. They give up. Pivot gone bad. They understood that something in the landscape is shifting, they stood back, analyzed the situation, and they said, ''We have to pivot here in order to be successful.'' And they pivoted right when they should have pivoted left. Pivot gone bad can happen. Disharmony among team members and investors. This doesn't surprise me based on my experience. Investors see things very differently and the development team and the people building and working on the products they have a very different view, can lead to this disharmony and lose their funding. Loss of focus. That's similar to passion, I think. Product mistimed. Products have a market timing window. When it is a good time of the year to introduce your product or if it's late and you've got another competition gets out before you do, introduces a competitive product. So, the product has mistimed market placement. Number nine, ignoring your customers. Really? You saw that on the list. It's like number one. It's like really? No. Ignore your customers? Your customers are the ones that are paying your bills. They're the whole reason you're in existence. Poor marketing. I can see that. Seven, product without a business model. A user unfriendly product, that came in at number six. Number 5, pricing and cost issues. That's generally means the product would be priced too high for its value perceived by the marketplace. You're outcompeted. There was competition for your product and the other company or companies just were better at execution than you are. They had a better manufacturing process, they had a cheaper bomb costs, they are whatever the reason is. They just out-competed you, they out-marketed you, they outsold you some fashion. Not the right team, not the right people- not the right group of people. You might have personality conflicts in your company and if you're a small team, everybody's got to get along and got like each other. You're going to be able to get along with each other. You got to be able to listen and to be able to really hear what other people are saying, and I think that everyone should just set their egos aside and choose the best ideas. It isn't about your idea being better than another person's idea. It's about putting a collection of ideas together to build the best product you possibly can. So again, that's another one of those that you just set your ego aside, make suggestions. Don't get all personal- You know, take it personal. ''Well, my idea was to best idea ever. They didn't use it. So, I'm going to be hard to get along with them from here on out." You don't want to become that person, not good for your career development. Run out of cash, not surprising. Number 1, no market need. Stunning, I suddenly saw them.
