What does it take for small businesses to succeed? The Center for Public Policy Innovation asked business, government and nonprofit leaders, who said the following:
- Access to Capital — Gaining access to capital is an obstacle for all small businesses. However, the U.S. must work to connect local start-ups with regional investors to boost local investments and make the capital gains tax exemption permanent for investors in qualified small businesses.
- Access to Modern Technology — U.S. small business must have access to cloud computing, mobile technologies and virtual global supply chains to invest more into their products, to collaborate on a global scale and to expand their presence to foreign markets.
- Access to Global Markets — The U.S. government must make existing programs, that help domestic small business enter foreign markets, easier to find and navigate.
According to the State Science & Technology Institute, "the report also looked at the importance of failure for start-up founders. Failure is a natural and important part of future successful firm development, the report notes. Start-up founders learn valuable lessons when their firms fail, and they often develop an expanded professional network that will benefit them over the long-term. The authors contend that learning from mistakes is the true driver of private sector innovation."
The 12-page report is titled: Restoring U.S. Competitiveness: Creating Jobs and Unleashing the Potential of Small Businesses through Technology and Innovation.