Failed Business Model; Critical Analysis
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Usama Shahid Khan, Pakistani Information System Engineer turned entrepreneur turned project manager, graduated from NUST. He quit his job and started working on startups. After many attempts, he finally succeeded to launch a project named “MeriTaleem” but eventually it failed !
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Failed Business Model; Critical Analysis
- 2. • Usama Shahid Khan, Pakistani Information System Engineer turned entrepreneur turned project manager, graduated from NUST. • He quit his job and started working on startups. After many attempts, he finally succeeded to launch a project named “MeriTaleem” but eventually it failed !
- 3. Idea conceptualization • His father was a University Professor and had to move with family and used to live in university campuses (GIKI and NUST). • Due to this he got a chance to stay in touch with university students and saw them suffer because they made a poor career choice due to lack of counseling and guidance during and after completing their education. • This itched him often and then he decided to do something about it. He launched a website named “MeriTaleem”.
- 4. Start of start-up • MeriTaleem started in April 2013. • And open for public in May, 2014.
- 5. What is MeriTaleem ? • MeriTaleem is a one-stop web portal that provides Information, Career Guidance & an Online Submission Of Admission Applications to the universities in Pakistan. • It listed up all the 170+ HEC recognized universities and programs offered across their campuses. • It also advised students about what career they should choose based on their interest and industry situation in Pakistan through live chat, email and phone calls.
- 6. Achievements started • He raised $37.5k in early 2014, less than a year after he started off. • Started getting grants, got awarded P@SHA Social Innovation grant worth $8.5k. • Started building team, recruited a team of fresh and talented content writers and social media evangelists. MeriTaleem team
- 7. Complications Started • one mistake that made was to hire people who were very fresh in their professional careers. This was because of lack of funds and was unable to afford experienced resources. • Though there was a significant demand and need by the students to benefit from MeriTaleem’s services, BUT changing mindsets of the university representatives was a big challenge. • Legal processes in Pakistan are overly complicated. He applied for company registration in May, 2014 and got Incorporation certificate in September.
- 8. Complications Lead To Failure • The signed MoUs did not mature into contracts, the system didn’t function as he wanted and the legal matters with SECP, FBR, banks and Telco's seemed to never end. • He blamed Government departments to be insensitive towards startups and new companies, but the corporate sector is even worse when it comes to delivering legitimate services.
- 9. The End ! • His team members eventually started losing motivation due to lack of achieving any significant milestone. Two of the key team members left and he realized, others will start leaving soon. He was left with no option but to ask his team to leave MeriTaleem and tried continuing on his own. • After spending more than 3 years on a concept that did not prove fruitful in Pakistan’s tough market, he decided to shut it down.
- 10. Last Comment On It • That’s how the insensitivity of government departments and unprofessional behavior of corporate sector caused to shut down this novel idea. But • Usama Shahid Khan still feel the urge to go back to MeriTaleem and try to make it work again, IF the things get better.
- 11. Thank You !