There are two major problems we aspire to solve for startups. These two issues alone account for 65% of small business failures. They are:
1. No market need for the product or service and
2. not building the right team.
Starting a business is a risky endeavor. We get it! We’ve been there. The Bureau of Labor Statistics reports that one-third of businesses fail within two years. Only 50% survive their fifth year.
Still, according to the Kauffman Index of Entrepreneurship, business creation, market opportunity, and startup density have been on the rise for three years in a row.
The spirit of entrepreneurship is alive and tenacious. New startups are not daunted by these odds. Why? Because true entrepreneurs aren’t entering the market just to make money. True entrepreneurs begin as problem solvers. When a Forbes article posed the question “What is a startup?” in 2013, Neil Blumenthal summed it up perfectly:
“A startup is a company working to solve a problem where the solution is not obvious and success is not guaranteed.”
Entrepreneurs are fueled first and foremost by a passion to make the world better by solving a problem. Sometimes the problem that is being solved is a minor inconvenience – think restaurant delivery options and Uber Eats. Other times it has a major, life-changing impact. For example, XSTAT technology is a small injectable sponge used to plug bullet wounds. It was developed by Oregon-based startup RevMedx to address the leading cause of death on the battlefield: uncontrolled external bleeding.
D3FY Development Group is no different. In a poll of startups that had to succumb to those ominous statistics, 42% of entrepreneurs said their business failed because there was no market need for their product or service. Another 23% admitted that they didn’t have the right team. Our mission is centered around solving these major problems. We help entrepreneurs defy the odds by offering a team of experienced developers to assist them with creating a minimum viable product (MVP) using proven strategies. A dedicated project manager shepherds the project to success. And not only do we help you create a viable product, we also work with entrepreneurs to develop a roadmap to move that product from viable to marketable to exceptional.
In the last two years, the rate of new startups has increased by 15%. Our goal is to support as many of those companies as possible to overcome the obstacles by providing expert support and strategic development.