Startup Genome Compass has been launched
I’ve been always interested in an interaction of theory and practice especially in terms of innovations, technologies. As I guess that everyone has experienced that theory at times suggests those solutions that we couldn’t be put into practice. But today’s application is out of questions and criticism.
Startup Genome Compass has been launched today and it’s good news as this service aimed to increase the success rate of startups and accelerate the pace of innovation globally. This fresh idea has been implemented due to a great teamwork of Silicon Valley developers: Max Marmer , Ertan Dogrultan, Ron Berman, Bjoern Lasse Herrmann as well as contributions from Steve Blank, Chuck Eesley, Neil Jacobstein and blackbox crew.
«When we started the company in December we believed the answer to finding a scalable way to accelerate startups would be in finding a way to make startup accelerators more scalable. But by February our strategy had changed from a scientific approach to
entrepreneurship powered by people to an approach powered by software. Today we are excited to announce the release of such IT-solution» — developers report.
The Startup Compass is a benchmarking tool for founders to get regular feedback on the progress their making. The app automatically classifies startups by type and stage and compares them against startups in the same type and stage across more than 25 key performance indicators. In addition, the app also diagnoses startups for what our research team has found is the dominant cause of failure: premature scaling and generates a personalized startup genome report with information about how to improve.
Due to researchers findingsthe , more than90% of all startups fail, primarily due to self-destruction rather than competition. Many startups have trouble figuring out the right priorities to set and measuring their effectiveness once they do, almost always landing in the proverbial grey zone. Developers offered a simple benchmarking tool to reduce this grey zone by assessing a startup’s type and stage of development, and then comparing them to startups that are in the same type and stage on 25 key performance indicators.
Innovators also believe that The Startup Compass would be able to cope with long-term objectives and enable the establishment of open dialog between entrepreneurs, investors and startups team. «In the future we will be able to assess what type and stage a startup is in with increasing precision and provide entrepreneurs with more and more information, resources, and tools they can use to move to the next stage of development.»
You could find the official report here.
More information about Startup Genome and its projects you could find here.