The survey involved 3,300 participants and took place between 2015 and 2016 with a final report published in June of 2016. The research shows:
- 400,000 new businesses are started every year in the United States. However, 470,000 are closing their doors, resulting in a net deficiency of approximately 70,000
- 50% of businesses fail during their first year .
- Close to 66% of small businesses will survive their first 2 years and about one-third of total businesses will fail during the 3rd year
- A separate study done by Shikhar Ghosh, Professor of the Entrepreneurial Management Unit at the Harvard Business School, concluded that three out of every four venture-backed firms fail