Ruth Mitchell

Member Article

80% of good ideas ?lost?

Eight out of 10 ideas for a business or invention never see the light of day, according to new research carried out by the National Endowment for Science, Technology and the Arts (NESTA). The investor commissioned the research to find out why so few ‘good ideas’ make their way to the balance sheet.

The ‘Fear of Failure Report’ reveals that nearly one in three people (29%) have had what they thought was a great business idea or invention but eight out of 10 of those didn’t do a thing about it. When asked why, 61% said that they didn’t know where to start, 67% claimed not to have sufficient funds and 33% just didn’t have the time. One out of six were worried about losing their home if their business failed and 6% said that the stigma of going bankrupt was affecting their decision not to act on their idea. The research reveals that almost three quarters (74%) said that the fear of bankruptcy was a factor in not going it alone.

Jonathan Kestenbaum, NESTA CEO, said: “The UK’s competitive advantage will be directly linked to our capacity for innovation. We simply cannot afford to be complacent and rely on yesterday’s solutions. The competition is fierce and we must mobilise business, education and policy around a relentless focus on innovation.”

This was posted in Bdaily's Members' News section by Ruth Mitchell .

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