Today, in celebration of National Entrepreneurs’ Day, here are a few success stats: There are 23 small business in the United States, accounting for more than half of all U.S. sales and — since the 1970s — 55 percent of all U.S. jobs.
The road to success, however, has never been easy. And the recent economic recession has only made it worse. According to the Bureau of Labor Statistics, new business births have plummeted to levels unseen since the agency started collecting such data more than a decade ago. Business deaths, meanwhile, have increased — affecting around 225,000 businesses in 2010.
Enter NSF’s Small Business Innovation Research and Small Business Technology Transfer programs. They provide funding for high-risk, high-reward startups and small businesses: 632 were funded in Fiscal Year 2012 alone. Forty percent of companies with grants generate revenue thanks to a SBIR grant. Within eight years, some of those companies have profits more than $1 million.
Learn more about recent innovations, such as revolutionary ear buds from Asius Technologies and biological engineering from Cambrian Innovation, on NSF.gov.
NSF is highlighting statistics from NSF-funded research in celebration of the 2013 International Year of Statistics. Look for them weekly on Tumblr.
Photo credit: Integrated Photonics Inc. Magnetic domains shown in a bismuth rare-earth iron garnet thick film. Created by Integrated Photonics, a SBIR awardee, the film could help improve magnetic and electromagnetic sensors and photonic devices.