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Start-up 'failure' rate of 60 percent is actually good news
By Oren Rozenblat |
February 14, 2011, Monday
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Print Edition
Print Edition
DEAR editor,
AN article in Shanghai Daily (January 21) quoted research by Fudan University revealing that 60 percent of the start-up companies in Shanghai established by university graduates have failed.
Its sounds like bad news, but actually these are very good success rates.
Israel is known to be the world capital of start up companies, and in Israel the percentage of success is 15.1 percent.
About 46 percent failed and the rest is moderate success.
In Israel there are more companies traded at the Nasdaq stock exchange in New York than any other country in the world (except the USA) - 63 (2009).
Second is Canada with 48. Japan has 6, UK 5, India 3, South Korea 3, and France and Germany 2.
But still 46.2 percent of our start up companies failed.
So what?
The entrepreneurs from these companies - in most cases - will try to establish another company and may be this time they will have success.
After all, they know where they were wrong in their first company.
Even if they will not establish another company and they will go to work as employees in another company - these are employees with a valuable experience - they ran their own company.
If an Israeli meets an old classmate at the street and he tells him that he had his own start-up company but it failed, the Israeli doesn't see his classmate as a failure but rather as an ambitious person who for sure will try again and can succeed.
In order to succeed you need to try.
If you fail - just try again, because it's ok to fail.
(Oren Rozenblat, deputy consul general of Israel in Shanghai)
AN article in Shanghai Daily (January 21) quoted research by Fudan University revealing that 60 percent of the start-up companies in Shanghai established by university graduates have failed.
Its sounds like bad news, but actually these are very good success rates.
Israel is known to be the world capital of start up companies, and in Israel the percentage of success is 15.1 percent.
About 46 percent failed and the rest is moderate success.
In Israel there are more companies traded at the Nasdaq stock exchange in New York than any other country in the world (except the USA) - 63 (2009).
Second is Canada with 48. Japan has 6, UK 5, India 3, South Korea 3, and France and Germany 2.
But still 46.2 percent of our start up companies failed.
So what?
The entrepreneurs from these companies - in most cases - will try to establish another company and may be this time they will have success.
After all, they know where they were wrong in their first company.
Even if they will not establish another company and they will go to work as employees in another company - these are employees with a valuable experience - they ran their own company.
If an Israeli meets an old classmate at the street and he tells him that he had his own start-up company but it failed, the Israeli doesn't see his classmate as a failure but rather as an ambitious person who for sure will try again and can succeed.
In order to succeed you need to try.
If you fail - just try again, because it's ok to fail.
(Oren Rozenblat, deputy consul general of Israel in Shanghai)
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