Local & National Government
In the UK private sector, SMEs account for 61% of employment and over half of turnover at £2.3 trillion. They represent 99.9% of the UK’s business population. Startups are the lifeblood of the SME economy, with UK small businesses accounting for £1.6 trillion of private sector turnover. Yet only 1 in 3 small businesses survive beyond 10 years.
A recent CB Insight research project identified twelve key reasons for startup failure.
35% of entrepreneurs interviewed cited “no market need” as a key reason for their lack of success. Put simply, they had taken to market a product that nobody wanted. LDA aims to stop this, and many of the other reasons for startup failure, from happening by bringing together the knowledge that entrepreneurs need, the people they need to learn from and the business-specific strategy they need to be successful.
The LDA platform is not just about startup success. It is a way for businesses to collaborate both locally and globally; to engage with any number of people that can directly influence, advise or invest in a business. The piece of technology or knowledge that a business needs to thrive could be sitting anywhere in the world. Being able to seek expertise or collaborate, quickly and easily, with global talent can dramatically collapse the timescales involved in taking something from a concept to a market-leading business. Our platform will enable the UK to connect innovative businesses to investment, talent, global and local advice, knowledge and networks that can catalyse innovation and business growth.
Improving the startup survival rate will have a direct effect on the UK economy. Not only will it lead to economic growth and employment, it will also increase innovation and investment.