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Countless startups are being launched every day in Bulgaria.
Many fail because they did not learn from the success of other companies who've managed to rise above.
We just published this list of 3 failed startups from Bulgaria with analyses on why they shut down, and interviews with their founders.
Kyril is the founder of DotaHaven, a gaming content site that’s currently passing away. The website had early success, raising $90k, growing from 0 to 500k page views/mo in 6 months and making $3.5/mo at its peak. However, in the last months, the business has struggled to make enough money to keep running; over-investment in a non-validated concept is one of the reasons for their failure.
Details of the startup:
Founder:
Kyril Kotashev
Country:
Bulgaria
Industry:
Entertainment
Started in:
2018
Closed in:
2020
Funding Amount:
< $100K
Specific cause of failure:
Bad Market Fit
You can read more about their failure here.
In 2012, Ivo started a 3-year journey building a business that sold iPad racing wheels, which would suck up $50,000 in personal and investor funds. The hardware accelerator he went through wasn't able to help turn his business into a success, neither was the Kickstarter campaign successful. Learning from the experience, today Ivo runs $1M+ crowdfunding campaigns. Read below to learn about his journey.
Details of the startup:
Founder:
Ivaylo Kalburdzhiev
Country:
Bulgaria
Industry:
Software & Hardware
Started in:
2012
Closed in:
2015
Funding Amount:
< $100K
Specific cause of failure:
No Market Need
You can read more about their failure here.
With 2 partners, Stefan co-founded Swipes, a company that developed productivity tools. The startup went through all stages and experiences, even almost fundraising $1M. However, over the 6 years of running, they weren’t able to really find product-market fit and they eventually ran out of money.
Details of the startup:
Founder:
Stefan Vladimirov
Country:
Bulgaria
Industry:
Productivity
Started in:
2013
Closed in:
2019
Funding Amount:
< $100K
Specific cause of failure:
Bad Market Fit
You can read more about their failure here.
