The following is the opinion and analysis of the writers:
A recent guest opinion in the Arizona Daily Star stated that launching a startup is hard, and more could be done to support them, especially regarding funding. We fully agree.
New businesses travel their own paths but share the same fundamental challenge: assembling the right people and skills to develop a product or service at a price people are willing to pay at a cost that is profitable.
In the early going, much of a founder’s endeavor is building the right team and proving the solution solves a big enough problem (product-market fit). Later, the challenge shifts to scaling that solution and maintaining or improving its margins (profit-market fit).
It is hard work, and according to the U.S. Bureau of Labor Statistics about 20% of new businesses fail in their first year. Getting from idea to prototype to early customers to market success requires a lot of time, talent, and funding.
