The U.S. is the largest tech market in the world, coming in at $1.8 trillion in 2022. The United States averages 20 technology companies founded per year that reach $100 million in revenues. However, the success rate of startups is only 10% to 20% in the long run. 

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Start-ups fail because of several factors, including insufficient, lack of a successful business model, poor product market fit, change in technology environment, or bad marketing.

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In some cases, technology innovations are so successful they reinvent or create a new product niche. Take olloclip, for example, the first quick-attach lens for smartphones that capitalized on the quality cameras on iPhones and Samsung phones and literally created the mobile photography category overnight.

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In the first year of the product’s introduction, a holiday gift giving campaign increased online traffic 120% and boosted online sales by 27%.

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