Blackbox launched the Startup Genome Compass
Today, Blackbox launched the Startup Genome Compass, a benchmarking tool designed to help entrepreneurs keep track of their startups’ progress and know what to do next, based on data from more than 3,200 startups and research from Berkeley and Stanford.
Many a bright-eyed entrepreneur heads west hoping to strike it big in the Silicon Valley startup game, yet 94% of them fail. For most, such an intimidating statistic may indicate that Valley success is nothing more than a matter of luck. But one company, business accelerator Blackbox, hopes to prove that building a startup can be a science.
Earlier this year, Blackbox released the Startup Genome Report, a 67-page analysis of more than 650 startups, created in collaboration with researchers from Stanford and Berkeley, that seeks to determine which startups succeed and fail, and why. Since then, they’ve expanded the report to include roughly 3,200 high-growth Internet startups, and based in part on that data, today launched the Startup Genome Compass (SGC), a benchmarking tool designed to help entrepreneurs keep track of their startups’s progress and know what to do next.
Rather than make decisions based on an arbitrary whim or advice from others, SGC bases its recommendations on hard data. Every month, entrepreneurs can benchmark their startups. After filling out a questionnaire, SGC will automatically classify your startup by type and stage, compare it to other similar startups, and generate a personalized Genome Report across 25 key performance indicators, including metrics on your customer, product, and team value, as well as metrics related to your business model and finances.
Blackbox says they’ve cracked “the code of innovation,” and believes that “turning entrepreneurship into a science will trigger a new era … [called] the Entrepreneurial Enlightenment.” But Blackbox doesn’t need to have such lofty claims and ambitions. SGC, its first application, has a specific and useful goal: to prevent premature scaling.
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