Despite Economy, Kauffman FastTrac® Entrepreneurs Started and Grew New Businesses in 2011, According to Survey

Release Date: 6/04/2012

Media Contact:
Elizabeth Steinberg, 816-932-1136, esteinberg@kauffman.org, Kauffman Foundation

Despite Economy, Kauffman FastTrac® Entrepreneurs Started and Grew New Businesses in 2011, According to Survey
New Kauffman Sketchbook Video Illustrates Program’s Key Tenets for Startup Success

(KANSAS CITY, Mo.), June 4, 2012 – Kauffman FastTrac entrepreneur courses have been helping business owners launch and grow companies since 1993. After surveying recent FastTrac graduates via email, data indicate that, despite the current economic environment, the programs remain applicable and are integral in helping entrepreneurs achieve success with their businesses.

More than 41 percent of the nearly 600 FastTrac graduates who responded reported they had either launched or continued their business after taking the course in 2011. The majority of respondents took the FastTrac® NewVentureprogram for aspiring entrepreneurs, but some participated in more than one course during 2011. Further, most reported revenue growth after taking a FastTrac course. In fact, 25 percent saw their business revenue grow by more than 21 percent.

Revenue Growth after Taking a FastTrac Course"These finding suggest the entrepreneurial spirit is alive and people are acting on their business ideas," said Alana Muller, president of Kauffman FastTrac. "Even more important, FastTrac entrepreneurs are seeing success despite today’s fluctuating economy."

In conjunction with the survey, the Kauffman Foundation released a new Sketchbook video www.fasttrac.org/sketchbook that describes how the FastTrac programs help entrepreneurs. As illustrated in the animated video, there are three appropriate outcomes to any FastTrac course. Says FastTrac’s Muller: "Participants who go through our courses either start their company, learn their business idea isn’t commercially viable and end up starting a different company, or realize they really aren’t cut out to be an entrepreneur, but are more "intrapreneurial" and better suited to help other businesses succeed. FastTrac is a great way to help individuals find their right path."

Visit Forbes.com throughout the month of June for its "Startup Month" special features and read more from Alana Muller about entrepreneurship and how to succeed.

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