5 Reasons My Startup is Failing (And How I Could’ve Prevented It)
1. I took too long to ask for help
In my immigrant family, I was taught that the only constant is your own output, your own hard work.
I hate to ask for help.
Regardless of the love and affection from my parents, family members, and teachers, their good intentions were not always consistent. When life is inconsistent, you learn to make things happen for yourself. At five, if I was hungry and my aunt was tired from working the night shift, I would cook my own breakfast. At eight, if my parents had to get to work early, I would walk solo over a San Francisco hill to go to school. At ten, if I needed a book or new color pens, I started a garage sale to make the needed money.
But as much as we want to believe in the do-it-yourself ideal, you can only get so far without drawing on your community. Now that my startup is failing because I haven’t asked for help, I’ve learned to:
Ask LinkedIn connections for introductions;
Be clear about why I am contacting someone;
If my “ask” has been rejected, then I try to find out why and what I can do to improve for next time; and
People are busy. A lack of communication doesn’t mean they can’t support you.
Remember, a part of being successful is realizing you can’t do everything yourself.
2. I thought I had a longer financial runway
I am frugal! I was brought up to shop with coupons, buy thrift, take public transportation, and seek discounts. You can always stretch a dollar. It doesn’t matter how much money you have, you can always pull through.
And that’s just simply not true.
Avion Tech, from conception to the first class, needed a year.
Starting a company means you need three times as much money and four times as much time as you think you do. No matter how “customer first” you are, just finding out what your customer wants takes time. And that amount of time doesn’t even include building the solution you want to take to market.
3. I didn’t know anyone who held the checkbook when the time was right
I do know those people now, but it’s too late.
Avion Tech relies on corporate sponsorship for our work and our events. Guess what kind of folks I had relationships with? Product, DBAs, designers, developers, and project managers. I didn’t know many business-side folks back when we started. Prior to Avion, I’d never worked in this part of the tech industry.
Why is my startup failing?
Because the folks who write the checks didn’t know me.
4. I said yes to the wrong things
Can you help me with my business model? Yes, person that is nice but doesn’t fall into the category of folks Avion is set up to work with.
Can you introduce me to some investors? Yes, person that is nice but doesn’t fall into the category of folks Avion is set up to work with.
Can you take a look at my pitch deck? Yes, person that is nice but doesn’t fall into the category of folks Avion is set up to work with.
And so on.
There are a lot of folks who need help. But you can’t help them all without considering what your core business is. In my case, it’s diversifying the tech ecosystem with Latina founded startups.
5. I took meetings just to take meetings
I was so excited that I had a meeting with <Insert name of large tech company here> that I didn’t ask why we were meeting or if someone of decision-making authority would be in the room. I met with some smart, wonderful people. I ate at many amazing company kitchens. They even gave me extra snacks for the road.
Guess what?
I either met with the wrong folks or the companies mandates made it impossible for me to get what I most needed: sponsorship.
Always know who you’re meeting with and why.
So Now What?
I am asking for help. Go to Indiegogo and sponsor our work
Avion Accelerator is the first startup pre-accelerator focused specifically on launching Latina-led startups from around the world by bringing them to Silicon Valley and providing the resources these women entrepreneurs need to bring their commercially viable business models up to investment grade.
And we’re off to a great start! Avion has already aligned well-regarded partners, experienced mentors, and a location in the heart of Silicon Valley’s vibrant startup community — all the resources and connections Latina founders need to introduce their scalable businesses into the global marketplace.
What’s needed next is your support to bring Latina-led startups through our comprehensive eight-week regimen. To assure your contribution is well-spent, all Avion startup candidates must meet, at minimum, a non-negotiable criteria: Go to: Indiegogo/Aviontech to help us out.
