Small Business Lending Stats Tuesday — 11 Barriers for Main Street Innovation
May 19, 2015
By Bob Coleman
Editor, Small Business Lending Stats Tuesday
The 11 barriers that exist across the innovation process timeline include:
Student debt: The amount of student debt held by graduating students prevents them from pursuing entrepreneurial opportunities.
Increased R&D: The amount of funding and support of research and development in the United States needs to increase.
Identifying market needs: Entrepreneurs often lack information regarding market needs and product research and development efforts.
Shortage of engineering and job production talent: There is a general consensus among technology firms that there is a shortage of engineering and production job talent which can slow company growth.
Capital access: Access to capital still impedes small business growth.
Difficulty commercializing products: Many small companies have difficulty commercializing (i.e. begin to sell to market) their technology products.
Technology diffusion and adoption: Technology diffusion and adoption is more difficult for small businesses.
New technology implementation costs: High equipment costs are a barrier to entry for small businesses implementing new technologies.
Lack of small business opportunities: Small companies want the government to make a stronger effort to buy more goods and services from them.
Legal uncertainty: Technology innovations often result in regulatory uncertainty and legal challenges.
Exporting: Small companies continue to face challenges exporting their products and services