Over 1 million new businesses will be started in the U.S. by the end of 2021. Of these, over half will end up failing within 10 years. A few reasons for failure include a lack of capital, insufficient management, vague business planning or fiscal irresponsibility. Many of these failure-fueling issues can be averted through proper education, support and planning. Countless resources are available for startups to help them create a strong foundation to begin their venture, giving them a better opportunity for success.
Innovation centers, launch labs, venture capitalists and makerspaces have one thing in common: a mission to help small businesses become established and prosper. These entrepreneurial resources are an invaluable asset to individuals and groups working toward launching their businesses because they provide the necessary tools pivotal for development. They help dreams become a reality. Establishments like launch labs and makerspaces give people an opportunity to have the space and resources they need to let creative juices flow and foster innovation.