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🧟‍♂️Why Startups DIE: The curious case of SEGWAY

Welcome to the #Zombiestan, where startup/companies come to die! Be respectful and don't wake the dead. Allow me to cast a spell instead...🧙‍♀️

There are thousands if not millions of reasons why a startup/company will go 6-ft under...sometimes on arrival, on the runway, or even at a state of launch. What I'd like to focus on in this blog-series are the organic reasons that leads a company to its resting place 🪦


Reason #1: What's your problem?

For real now, what is the PROBLEM your company is aspiring to SOLVE? And are you sure if that's even a legit problem...

Do you folks remember SEGWAY? They were highly marketed and even featured in some TV shows. I remember that I witnessed mall security guards going about their errands on their segways. Then...Poof!💨 Gone with the wind are they!

Multi-variate analysis aside, the main reason SEGWAY didn't make it to the finish line is because the commercial product (at that time) was NOT solving a legit, pressing, critical problem in the mobility industry. Periodt.

The design was echt cool, you self-balance into retro futurism and do groceries along the balancing act. However, the functionality of it was not distinguished to classical mobility products such as the good ol' bikes 🚲 , wheelchairs 🦼, motorcycles, skateboards, longboards, and tuktuk!

If we were all anxiety-free, 2-legged, and no-luggage individuals, I bet we will be segwaying our life out...but we are not all perfect, are we?

Needless to say, the demographics that other mobility products were serving are earnestly more DIVERSIFIED and accomodating as to that of SEGWAY (initial version). Several folks just couldn't value the awesomeness of segway's innovation vs. what is really needed at the space-time continuum.

To re-iterate the obvious, digging the root problem of your target customers' NEED is a priority. Please don't skip this part.

Back to our curious case...NineBot, a Beijing-based transportation company acquired our Zombie for $80M with a killer strategy in mind and that is "e-Bikes" and Mini-Pros.

I am excited as to how SEGWAY is going to be revamped by the new acquisition. And I am looking forward to witness the resurrection and re-integration of SEGWAY back to the living world.

Rest in peace (for now).

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“Successful people don’t fear failure but understand that it’s necessary to learn and grow from.” -Robert Kiyosaki


One Step Further? Armor thy mind with the power of knowledge 👇

1 Comment

Victor Omenai
Victor Omenai
Dec 31, 2022

A valid reason why entrepreneurs should begin to consider value innovation as creating products and services along the entire buyer's journey.

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