According to a study conducted by the SBA’s Office of Advocacy, four out of five small businesses survive one year. BCG Global Innovation Survey 2015 reports that 42% of innovations fail by virtue of long development time.
Choosing the wrong idea results in 32% of breakdowns. What’s more, business owners often spend a lot of resources on service improvement without engaging users to check their willingness to use it. As a result, the end solution doesn’t meet customer expectations. CB Insights found that “no market need” is the main reason for startup failure.