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FAILURE to launch has led to Australians forgetting approximately 64 million business ideas, according to new research by Westpac.
The Westpac Business Ideas Report has found 67 per cent of Australians have had ideas about new products and services, but only 22 per cent have followed through to bring them to fruition.
More than half of Australians say they have dismissed a new business venture in their lifetime, with an average of seven ideas each equating to almost 64 million lost ideas nationwide.
Westpac general manager of small business Julie Rynski says the biggest barrier to introducing the idea to the market has been perceived difficulty.
"There are a lot of missed opportunities for could-be entrepreneurs and current businesses to bring new and innovative concepts to market," Rynski says.
"When you've come up with a great idea, it can be difficult to turn it into reality without an access to specialist advice, and our research has shown that the majority of people (86 per cent) find it more helpful seeking advice during a face-to-face conversation rather than online."
The majority of existing business owners who understand the process of executing new ideas believe it is particularly difficult to introduce a new concept in Australia at 75 per cent.
The most helpful tools to help launch business ideas include more time with 37 per cent, more capital with 35 per cent and access to technology at 26 per cent.
The report also revealed that residents in New South Wales are the most likely to have abandoned their business ideas at 59 per cent, in comparison to 53 per cent in the other states.
Rynski says people who are considering launching or expanding a business should use Westpac's new Connect Now service, to access in-branch business specialists and lenders.
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