34% of startups fail due to lack of product-market fit. Learn how to avoid it for only $15!
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.
First home cold-pressed juicing system
Juicero was a juice company that collected fresh organic fruits and vegetables for the customers, prepared, and put them in special single serve packets. It offered pre-sold packets of diced fruits and vegetables. It solved the produce gap and ensured that it took care of the washing, cutting preparing for people to eat in a simple way. It brought convenience to the people by using a Wi-Fi connected juice press that automatically squeezed the single servings packets into a glass of cold fresh juice. Juicero stated mission was helping people attain optimal health by making it easier for them to consume fresh raw foods.
Juicero failed to build a profitable business after raising a substantial amount of funds under the claim of innovation and disruption. The company received funding from high profile firms before users realized that the machines were useless.
The high initial price of $699 was already a barrier for many of its potential customers and the fact that the machine only worked with Wi-Fi was an additional inconvenience. To add to that, the company put a scannable QR code on each packet serving and the machine would not function unless it detected the presence of said code. In other words, people could not press home-made packets but had to order them from Juicero, each packet costed between $5 and $7. After months of slow sales, the company tried to sell its product at $400 and planned to offer a cheaper version in the months to come.
The company received one last blow when Bloomberg News published a video proving that simply by hand squeezing the packets you could obtain a full glass of juice and that the $700 machine was really useless. Few months after that Juicero went bankrupt and has since been classified as another absurd Silicon Valley startup product that raised huge funds but didn’t really solve any real problem.
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