Lessons from a Failed LBS StartUp

The one in question was in Singapore, as the article titled “5 Lessons From My Failed Startup In Mobile Location-Based Service” appeared in a blog called SGEntrepreneurs.com. It’s unclear when the company was founded or shut down. Still, Aaron Chua tells the story with some good pointer for those in or thinking about jumping in to a startup in general and an LBS one in particular. My favorite of the five:

There is no business in location based services
On paper, location based services seem like the best new thing. How seriously wrong we were in overestimating its demand. Make sure that when you decide to do a startup, base it on strong economics. Don’t do something just because of the hype or some superficial understanding of the industry. Invest some time to learn the underlying economics that is creating the opportunties. This is why I have been posting on stuff like this, this and this.