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Startup Cemetery

A big resource for entrepreneurs and startup owners, in which we have collected and analyzed why +100 big companies have failed. Learn from mistakes, and avoid being part of the 90% of businesses that fail.

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BitPass

Online payment system for digital content

General Information
Category
Finances
Country
United States
Started
In 2002
Business Failure
Business Outcome
Shut Down
Closed
By 2007
Cause of Failure
Competition
Founders & Employees
Number of Founders
One
Name of Founders
Kurt Huang
Number of Employees
Between 51 And 100
Funding
Number of Funding Rounds
2
Total Funding Amount
$13.3M
Number of Investors
6
Description

Bitpass was a company that gave people a platform to make micropayments online. These payments were ranging from one cent to a dollar. BitPass developed an online payment system for digital content and services like the downloadable music and PDFs. Mperia, an online music store founded in 2003, was one of its greatest projects for unsigned artists. BitPass customers included giants such as Disney and Microsoft.

Cause of Failure

The main reason for closure as stated in their email was competition. The newly rolled Google Checkout payment system, which was offered for free, made BitPass business superfluous. Bitpass CEO originally hoped to get their micropayment features integrated into Google checkout but that never happened. After raising about $12 million and acquiring one of its competitors Bitpass journey came to an end in 2007.

Go on Reading

Grooveshark

Web-based on-demand music application

Music
Shut Down
$4.6M
Legal Challenges
Music
United States
In 2006
By 2015
Three
Between 51 And 100
Between 1M 10M
Legal Challenges
Shut Down
Salorix

Online social network engagement platform

Analytics
Shut Down
$3.5M
Bad Management
Analytics
United States
In 2009
By 2014
One
Between 11 And 50
Between 1M 10M
Bad Management
Shut Down
Crowdmix

Music streaming and sharing platform

Music
Acquired
£14M
Mismanagement of Funds
Music
United Kingdom
In 2013
By 2016
Two
Between 101 And 250
Between 10M 50M
Mismanagement of Funds
Acquired
99dresses

Virtual closet to trade fashion items

e-Commerce
Shut Down
$105.7K
Multiple Reasons
e-Commerce
Australia
In 2010
By 2014
One
Between 1 And 10
Less Than 1M
Multiple Reasons
Shut Down
Sprig

Online app that provided healthy organic meals

Food and Beverage
Shut Down
$56.7M
Competition
Food and Beverage
United States
In 2013
By 2017
Four
Between 51 And 100
More Than 50M
Competition
Shut Down
SchoolGennie

Provide data to schools about their pain points

Education
Shut Down
-
Lack of Experience
Education
India
In 2013
By 2014
Two
Between 1 And 10
Nothing
Lack of Experience
Shut Down
This is Brought to You by:
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