According to Blackbox seed accelerator, more than 90% of all startups fail, primarily due to self-destruction rather than competition. The team’s aim is to increase the success rate by empowering entrepreneurs to make better decisions by providing them with better context and information.
Blackbox’s initial report, the Startup Genome Project, surveyed over 600 tech startup companies in Silicon Valley and around the world and gave them insights that let them continue their survey.
Blackbox’ new tool- The Startup Genome Compass is a simple benchmarking tool for entrepreneurs to evaluate their progress against other startups and make more informed product and business decisions by utilizing a data driven feedback loop.
According to Bjoern Lasse Herrmann, co-founder of Blackbox. “Startups fill out a monthly survey and receive a personalized benchmark based on their type and stage. The benchmark helps founders identify upcoming problems, set priorities, align the team and measure progress over time. We hope this regular data driven feedback loop can help founders significantly reduce their chance of failure.”
The Compass analyzes five dimensions of a tech startup: Customers, Product, Team, Business Model and Financials. It gives direct advice about how to scale each of the dimensions at the right time.
