3 Failed Startups from Russia & their Case Studies
Russian startups are on the rise lately.
This means more successful businesses… but at the same time, more failures.
Here’s a quick list of 3 startups from Russia that have shut down.
3 Failed Russian Startups
1) MyCity
Stepa co-founded MyCity, a tool for local authorities to build relationships with their residents. After realizing they had created a product for a non-existing market, they decided to shut it down.
Details of the startup:
- Founder: Stepa Mitaki
- Industry: Software & Hardware
- Started in: 2014
- Closed in: 2016
- Specific cause of failure: No Market Need
You can read more about their failure here.
2) Thepresence
Inspired by the iOS app Launchpad, Miloslav Voloskov started drafting ideas to what eventually was called Thepresence. This aimed to provide a more modern and unconventional take on website builders. But this venture got shut down even before it was able to take off. A mental illness shutting down a business that could have changed the drag-and-drop website builder game? It’s more likely than you think.
Details of the startup:
- Founder: Miloslav Voloskov
- Industry: Software & Hardware
- Started in: 2018
- Closed in: 2018
- Specific cause of failure: Other
You can read more about their failure here.
3) Toki
Vladimir was the founder of Toki, a one-stop solution to finding trends and analytics on TikTok. It started as a side-project, but after launching on Product Hunt, they realized they didn't have a deep connection with the problem they were tackling and lost motivation to keep going.
Details of the startup:
- Founder: Vladimir Esaulov
- Industry: Marketing
- Started in: 2020
- Closed in: 2020
- Specific cause of failure: Lack of Experience
You can read more about their failure here.
