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.
Marketplace for musicians to rent their instruments
Sharinger was a peer to peer musical gear sharing platform for independent musicians and touring bands. The startup’s founder, who had a decade of experience in the touring business, experienced first hand how the logistics of touring can be challenging, especially for small musicians. Sharingear's hoped to make touring more affordable and accessible. Users could create a profile and post the musical instruments or gears they had for free so that others could buy it or rent it.
One of the fundamental reasons the company’s CEO for the failure of his company was that he focused on a market that was too small, and since they only charged a small commision per transaction, the business model set was not sustainable and would not cover for operations costs. Second, there was lack of a good product-market fit. Musicians might have told the founder that Sharingear was a great and functional product but cash-strapped musicians might resort to opting for the most economical arrangement, even if it’s not the most convenient. Furthermore, there is to factor in that musical instrument and gear are very delicate and although the company insured every rented instrument, some people might feel reluctant to rent their own instrument or take someone else’s for fear of somehow damaging it. There’s also the fact that musicians usually develop a preference to their own playing gear and performing with a rented one might have required some getting used to.
Sharingear, running out of budget and with fleeting employees, was not able to adapt and pivot soon enough and closed in late 2015.
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