It’s All About Money, Mobility and Markets

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.