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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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Skully

Augmented reality motorcycle helmets

General Information
Category
Transportation
Country
United States
Started
In 2013
Business Failure
Business Outcome
Shut Down
Closed
By 2016
Cause of Failure
Mismanagement of Funds
Founders & Employees
Number of Founders
One
Name of Founders
Marcus Weller, Mitch Weller
Number of Employees
Between 11 And 50
Funding
Number of Funding Rounds
4
Total Funding Amount
$15M
Number of Investors
13
Description

Skully is a helmet trademark which targets motorcycle riders. News of the helmet generated considerable buzz as the company promised that their helmed would be the first Augmented Reality (AR) product of its industry offering unique technological features. The helmet comes with a rear facing camera and a heads-up display that can also be used to check contacts names and music streaming. The Skully helmet was to supposedly be the safest in the world since it offered a ‘360° experience’ with its 180° blindspot camera. Riders could also avail of the hands-free voice calling and texting feature during their commutes.

Cause of Failure

According to Skully spokespeople they had to close shops due to limited fundings. They were reportedly not able to sum an additional round of funding to complete the production of the $2000 pre-ordered helmets that about 3000 people were looking forward to receiving. They filed for bankruptcy in 2016 but their product and assets were acquired in 2017 by what has been branded SKULLY Technologies, a new company that says to have no affiliation to the previous company (nor any obligations it might have to its clients) despite the fact that the two acquirers are the cousins of the previous Skully CEOs.

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Maple

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Sharingear

Marketplace for musicians to rent their instruments

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HitMeUp

Developed mobile marketing applications

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99dresses

Virtual closet to trade fashion items

e-Commerce
Shut Down
$105.7K
Multiple Reasons
e-Commerce
Australia
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Koinex

Cryptocurrency exchange platform

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Shut Down
-
Legal Challenges
Finances
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In 2017
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Between 51 And 100
No Data
Legal Challenges
Shut Down
LayerVault

Allowed users to store and collaborate on design work

Design
Shut Down
$535K
Lack of Funds
Design
United States
In 2011
By 2014
Two
Between 11 And 50
Less Than 1M
Lack of Funds
Shut Down
This is Brought to You by:
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Stacked Marketer

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