Startup mythology is a funny thing. Conventional wisdom says that more than 90% of startups are destined to fail. Yet more than 90% of startup coverage is about the 10% of companies that are said to have succeeded. Reams and reams of newsprint are wasted justifying why these companies did succeed but in most cases these justifications are prosaic and force-fitted. On the other hand, there is precious little coverage of the startups that didn’t make it.
No exit wounds: The life and death of MonkeyBox
Amidst the hype around billion dollar exits and spectacular funding, it is easy to forget that the default fate of most startups is death. But startup failures need not necessarily be tragic stories
Monkeybox had everything going for it, a huge market, willing customers and $2 million but then everything changed
A few weeks ago, it put up a Facebook post calling time on its services
The founders of Monkeybox assumed that they would raise the next round of funding. It never came
When it shut down, Monkeybox's customers offered to crowdsource some cash to get it going again. But what went wrong?