A thread for promising startups that couldn't survive after launch.

“GoMyWay”, a Nigerian Start-up that failed 5 years ago.

Perhaps, the biggest reason GoMyWay won’t be able to monetize its platform is the fact the users will try to circumvent it. This is same for most platforms. Once the users on the 2 sides have a contact, there is an incentive to always take transactions off the platform.

That is why your Uber driver will want you to cancel the trip after he has gotten to you. The same reason the merchant that delivers you a product on an e-commerce platform will want you to cancel your order after it has been delivered. All these is a bid to ensure that the Platform Providers makes nothing off the transaction.

donestk:
“GoMyWay”, a Nigerian Start-up that failed 5 years ago.

Perhaps, the biggest reason GoMyWay won’t be able to monetize its platform is the fact the users will try to circumvent it. This is same for most platforms. Once the users on the 2 sides have a contact, there is an incentive to always take transactions off the platform.

That is why your Uber driver will want you to cancel the trip after he has gotten to you. The same reason the merchant that delivers you a product on an e-commerce platform will want you to cancel your order after it has been delivered. All these is a bid to ensure that the Platform Providers makes nothing off the transaction.

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