Successes and Failures of Startups in the Philippines: An Exploratory Study

Abstract

Startups rooted from the innovative minds of dynamic individuals who aim to develop unique products and services in the market. These startups are in their incubation and still in the process of gaining potential investors. Although startups offer a wide range of opportunities, the studies on their successes and failures from the perspective of a developing country like the Philippines are still limited. This study examines the successes and failures of startups. A qualitative approach through interviews of startup founders or co-founders is used. Results show that team composition, finance and funding, and product have immense contributions to the success of the startups. Further, lacking diversity in the team, poor timing, non-performing co-founders, unidentified market segment and competition, and the founder’s prior knowledge and leadership style are the insights related to failed startups. Hence, this study confirms the causes of the successes and failures of startups.