Well, some of you know this already. Few of you suspected but didn’t ask me. (But most of you don’t care anyway).
My entrepreneur journey has ended on July 31st 2013. We relieved everyone from Makemydabba.com, shutdown the site and vacated the office. Some of us have already got jobs and are settling down. I personally am still on look out for my next adventure (ok, lesser than an adventure this time) (This as of Aug 30, 2013).
The next question would be what happened? MakeMyDabba was supposed to be a success right! I am hoping to document all my learning from my startups in some form some day, but the following is the quick summary for the enquiring minds.
MakeMyDabba : This is indeed a success as far as the idea is concerned. We applied all our learning from our earlier startup YAssume and ensured we will not repeat the mistakes. Went to market within 3 weeks of deciding to start MakeMyDabba. Validated both supply and demand of the business. Partly validated the operations model but there were still lingering questions about operations at the time of our exit. But the main reason why we had to shutdown was that we ran out of cash to run the operations. We failed to secure enough funds to reach the traction needed to attract institutional investors. We founders have already expensed all our own funds and friend & family during our first startup YAssume.
YAssume : This is a highly technical product targetting sales people. We nailed down some complex problems, devised few original algorithms we can be proud of. But our focus was not on business for very long. We did not engage ourselves with our true users of the system. We did talk to people but they were not the true audience of our system. We mistook the smart-ass opinions to be the feedback needed for the system. We made steep turns and big development cycles re-orienting the system multiple times within 2 years. At the end we had a huge complex system but not many real users vouching by it. We had to shut it down and move on in Jan/Feb 2013.
What Next ? No secrete, I am truly disappointed. We were a great team in comparison to many around. We manage to solve almost all the problems we encountered during our journey. But we failed in the business.
I have no regrets though. If the clock is turned back, I will do exactly the same, that is leave the safe job and try a startup.
I personally lost quite a bit of money on these startups. But learned a lot. I probably would have got couple of MBA degrees with the same investment and time. Would my learning from these startups match to those MBAs? Have to wait and watch.
(Sep 2, 2013)