Joakim Achren, a Finnish entrepreneur, was one of the first entrepreneurs I met when we started ArcticStartup. He talked about his company Ironstar Helsinki with passion and of all the things they're building. Couple of weeks ago he posted a post mortem on his final touches to shut down the company and move on. He summarises the path they took with Ironstar Helsinki and outlines a couple of reasons why they decided to shut the company down, instead of pursuing other alternatives. We've also written about Ironstar Helsinki extensively, be it their product launch or the fact that Monty Widenius invested in the company in 2009.
The reasons that lead to the closure of the company were a failed acquisition and the failure to raise more funding this year. Nothing new there, but what I really respect with the all the emotional turbulence Achren must have gone through, is the effort he has taken to cover all this in a single blog post.
At ArcticStartup we see companies shut down all the time. It's part of the ride. Any startup entrepreneur would also agree with us. Since more than 90% of the most ambitious startups fail over time - it's no surprise we see founder move to other companies and start new things. What strikes me though, is the little or non-existent amount of post mortems founders should be writing. Take the same enthusiasm you have in launching a product and apply that to the situation if your company goes belly up and write the post mortem. It's all about building your credibility through more experience as an entrepreneur.
Why, you may ask? I say this with a serious face, but it's all part of the healing and taking concrete steps to change the entrepreneurial culture in Northern Europe. The more we openly talk, debate and discuss failure as an entrepreneur the less tabu it actually is. I wanted to highlight Achren's post on shutting down his company, because it's one of the few (if not only one) I've come across this year (and I don't think Ironstar Helsinki is the only company to shut down this year).
So founders - take a note and write a little post on your company blog or get in touch with us, we'd love to publish stories like these. They're all about sharing experiences and moving on. Achren hasn't taken up unemployment with letting go of his company, he's now working as a Director of Analytics at Supercell, the company with the hugely successful game Gunshine.
Image by jontintinjordan.