Image source: Inc Magazine
The US’s start-up rate may have declined 12% between 2007 and 2010, and small business failures increased 40%, but companies that have done well – and there have been a good many – all had one thing in common: great ideas.
The 2012 Inc. 5000 Companies, which measures the revenue growth of companies from 2008 to 2011, has many examples of start-ups that have shone during tough times. Some of these success stories include opportunists who have matched clever and creative ideas with the times to help save consumers or businesses time and money. One example is CardCash.com. The owners of this online company have tapped into a growing market where consumers sell unwanted gift cards for a profit in order to pay for other necessities.
And then there were others that were just good ideas no matter what, like Unified Payments, which supplies credit and debit card-based payment processing for merchants across the US. Unified Payments, which took out the number one spot on the Inc. 500, saw massive growth of over 23,000% from 2008 to 2011.
We might be in cash-strapped times, but there’s always a market for a good idea.