David Muchow, startup expert, on preventing “Startup Suicide™”
At Bethesda Green, the Maryland startup incubator, Dave Muchow, the startup expert, who has counseled hundreds of startups, recently discussed some of the key reasons why startups fail. “Don’t fall into any of these traps or you could be one of those 80% of startups that commit Startup Suicide™ in the first year,” says Dave. Key traps to avoid:
- Where did my Equity Go?
- Bad Personnel Decisions – ‘My Brother is a terrible CFO’
- Misuse of Professionals and High Legal Fees
- Great Product, no Market
- I lost my Intellectual Property by Blogging and Can’t get Up!
- No Budget/P&L/Business Plan
- Funding: Shark Tank Dreams
- Investor/Shareholder Nightmares
- ‘I just got some seed money from my uncle. So why is the SEC calling me?’