After analyzing 200 founders’ postmortems, researchers say these are the reasons startups fail

Alice Truong:

It’s a common adage in Silicon Valley that 90% of startups ultimately fail. To understand why that’s the case, a pair of researchers meticulously pored over 193 blog posts—startup postmortems, if you will—written by founders examining what went wrong.
 It was a heartwrenching experience for Kerry Jones, an employees at data-marketing firm Fractl, to be involved in the project. “It’s extremely emotional, and I think it’s really obvious how much of their lives most people sink into their companies,” she says. (Here’s one sample from Zirtual founder Maren Kate: “I cry for all the employees we hurt. I cry for all the clients we infuriated. And I cry for the investors we let down.”)
 There are, of course, limitations to this data set. For starters, there are fewer than 200 posts in it, and they all were written by founders willing to share their stories—or the portions of their stories that they were willing to reveal, anyway. “There isn’t some outside entity that went in and evaluated this company,” Jones notes. “That’s something important to keep in mind.”