It is easier to get someone to act on something through a WhatApp forward than with real life evidence. Welcome to 2019, where WhatsApp forwards, tweets and Instagram posts are nuclear weapons for anyone looking to move mountains in this Digital Age. But what gets lost behing those brief 'inspirational videos showcasing overnight success stories' are the years of putting in every ounce of blood, sweat and tears, countless failed attempts, before one finally gets to be an overnight success.
Let me put things in perspective for you with some fun facts. Here's one; 90% of all startups fail.
1. 25% of startups fail within their first year.
2. Of those remaining, 36% fail in their second year.
3. Of those that survive their second year, 44% fail in their third year.
4. And finally, 50% of those that remain fail in their fourth year.
As sadistic as this discourse might sound, the idea is neither to dissuade new entrepreneurs from dreaming big, nor is it to further glorify the survivors.
At Favcy, we realise that 2 in 3 startups are bound to fail owing to the 70% Digital Waste that even the world’s top enterprises suffer from. But that is exactly what FavcyX is solving for startups at scale - by providing a proprietary Shared-Tech Platform FavcyOS to maximise value from technology and recycle any digital waste that might arise from it.
Not convinced with the sharing economy model? Let's throw some facts that support our argument.
1. Airbnb and Uber, the flag-bearers of the sharing economy have a combined market cap of more than $100 Billion, making them bigger than the 38th wealthiest country in the world.
2. According to McKinsey, 20-30% of the workforce is Europe and the US are already providers in this sharing economy.
Increased returns at lower costs - the sharing economy is all about greater efficiency and at FavcyX, we are looking to bring that into building Digital Products. So how does it work?
#1: Prevention is Always Better Than the Cure
Why recycle or reuse when you can reuse? That has been the golden rule for waste management, and there is no reason why it should be any different for digital waste. At FavcyX, we make sure that you get your strategy right before you even embark on your product development journey, because digital waste has very little to do with technology and more to do with strategy. Read more about that here.
#2: The Method to the Madness
With a highly scientific method right from product strategy to go-to-market, at FavcyX, we make sure that we eliminate digital risk that stems from picking the wrong strategy and from poor execution.
#3: Building Bootstrapped Products
We believe in building products that can withstand the unpredictable investment tides by building on a strong foundation of bootstrap-friendly Digital Products. It is never wise to expose any business to external variables that are beyond reasonable control, and the fundraise rat-race is one such red flag. Fret not - at FavcyX, we have you covered.
#4: Failed Digital Products Can be Recycled
What did not work for Product A, need not always fail for Product B. With a thought as simple as that, we allow all products that fail to simply collapse on the FavcyOS - allowing them to be picked up and recycled later on.
Oh, and it’s not just something that we like to harp about - you can see it for yourself through the slew of clients that we have had the great fortune of working with.