Primary Reason Deal Failed Secondary Reason Deal Failed
Category Code      
Product and Model 110 Strategy/model   1
  121 No USP/competitive differentiation 2  
  122 Not convincing/compelling    
  123 Need proof of concept    
  124 Single product    
  125 Too basic   1
  126 Complexity    
  130 IP related    
Market 210 Existence/clarity    
  221 Too small or niche    
  222 Too crowded/competitive   1
  223 Too fragmented    
  224 Too large/mature    
  230 Acceptance/potential    
  240 Regulations    
Financial 310 Exit    
  320 Revenue/return potential   2
  330 Use of proceeds    
  340 Valuation 5 3
Team 410 Experience
420 Reputation
430 Lack of confidence 1
440 Key man issue 2
450 No/incomplete management 1
460 Integrity/ethics 2
470 Asymmetry/distance
Investor Specific 511 Out of investor focus (OIF)--Product 1  
  512 OIF—Stage    
  513 OIF—Size 1  
  514 OIF—geography 4 2
  515 Just not a G.F. deal    
  521 Competes with existing portfolio    
  522 Not appropriate for portfolio at this time    
  523 Too early for fund    
  524 No funds for region    
  525 No time due to fund related activities 1  
  530 External source did not endorse  
541 Need lead investor
542 Oversubscribed
543 Existing investor interest
544 Lack of other investors
551 No response
552 Deal closed by other investors 1
553 Not invited to participate
554 Terms rejected
555 Decided not to sell at all 1
Other 600 Conflict between entrepreneurs 1