We live in a technological era that it’s constantly evolving and changing. In fact, few of us can keep up with the pace of technological evolution. The reasoning behind this phenomenon is the hundreds of tech startups companies that are being created every year. These startups are usually based on an innovative thought that has the potential to transform into a millionaire idea. But then, why so many tech companies fail? When it comes to running a business, we need more than just a brilliant idea to make it work. In the next few paragraphs, we are going to explain the main reasons why a tech company could fail.
Of all small businesses started in 2014:
- 80 percent made it to the second year (2015);
- 70 percent made it to the third year (2016);
- 62 percent made it to the fourth year (2017);
- 56 percent made it to the fifth year (2018).