James Kon
A BRUNEIAN start-up is on a mission to guide aspiring entrepreneurs and students to discover analytical insights by learning from failed start-ups and business failures.
Flipidea co-founder and CEO Paul Lee said statistics reveal that over 75 per cent of new and small companies around the world shut down every year. The failure rate is high. This means seven out of 10 companies are likely to fail. He said, “This is why we built our platform to focus on business failure data gathered from around the world. The purpose is to enable our users to draw insights from the failed businesses and learn from their reasons for failure.”
Flipidea is a platform for searching information and data about failed businesses, such as post-mortem analysis, competitors analysis, bankruptcy reports, amount of investment raised, past founders and investors profiles, and more. Flipidea’s database systems are primarily designed with the aim of reaching full autonomous data collection, translation, and storage, because it sources its data with machine learning.
In solving the issues, Flipidea developed a ‘failure rate calculator’ to predict the failure rates of its users’ proposed or existing business.
