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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Salorix

Online social network engagement platform

General Information
Category
Analytics
Country
United States
Started
In 2009
Business Failure
Business Outcome
Shut Down
Closed
By 2014
Cause of Failure
Bad Management
Founders & Employees
Number of Founders
One
Name of Founders
Santanu Bhattacharya
Number of Employees
Between 11 And 50
Funding
Number of Funding Rounds
2
Total Funding Amount
$3.5M
Number of Investors
2
Description

Salorix was a Bangalore-based agency that offered an online networking engagement platform for brands. Through Amplify, as the AI based service was called, brands could “listen in” on ongoing social discussions which would be ranked to distinguish the most relevant key themes and influencers over different businesses for their clients. Solarix was considered to have a cutting-edge product and even received twice acquisition offers from Google in 2012 and 2013.

Cause of Failure

Salorix closed down in because of inability to raise reserves after its major investors stopped supporting it. This was following a disagreement between the founder and investors over securing an offer from Google. The investors were excited about the Google offer and saw it as a good business opportunity while the Salorix founder was not awed with it.

Rumors have it that Salorix CEO asked for a higher price but Google refused and the deal didn’t go through. Soon after it was clear that the founder would not listen to their wishes and advice, investors put a stop to any additional financial support (after having initially backed up the startup with $3.5 million in Series A investment). Salorix was not able to sum enough capital elsewhere and shut down in 2014.

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GrowthMentor

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Bookafy

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Easy and affordable web hosting and domain services for entrepreneurs.

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