Currently, the Federal Government, State Governments and Local governments are spending billions of dollars in funding each year on businesses and startups to boost the economy. However, the failure rate is frustratingly high at an average of over 40%. This has been as high as 90% among some sectors in 2010/11.
The top reasons for small business failure include inability to understand the needs of the market where the business is located, where to best start the business and importantly understanding who exactly are the target customer groups.
Using the ABS Census data, Department of Employment’s New Enterprise Incentive Scheme data, Workforce data and business registration data, SmartStartUp have developed a platform that enables Small Business Startups to undertake the due diligence required as a first step to gain the best chance of success. This is purely based on available opensource data enabling small businesses to undertake their due diligence and make smarter decisions. `
Our purpose is to help small business people make intelligent, informed, supported, smarter decisions and doing what they love to do.
SmartStartUp can be used as web based or as a mobile application, when any business to make decisions. For example, if someone wants to search where to find out their target customer group they can do it using this platform and what business to focus on to be successful. The business startup can gain insight into the success rates of similar small businesses in that geographical area and number of clients available in the area.
This tool will help startups to identify what business has more demand, where to start and who should be their target customer group.
At the end, this platform will help startups to be successful in their business and Governments can gain maximum impact and economic community return from the funding they provide.