Mastercard Incorporated ( MA Quick Quote MA - Free Report) recently partnered with a host of other leading small business providers for rolling out “Launchpad America.” Notably, the partners comprise America’s Small Business Development Center (“SBDC”), GoSmallBiz.com, Intuit ( INTU Quick Quote INTU - Free Report) , Lendio, Roll by ADP and Thryv ( THRY Quick Quote THRY - Free Report) .
Through the initiative, the specialized knowledge and expertise of all partners will be integrated to offer the much-needed resources and tools to launch a small business. America’s SBDC will play the role of a mentor to offer guidance to entrepreneurs and startups on fundamentals of setting up and growing a small business. Besides, lucrative offers provided by rest of the partners can be availed by participating startups through the website of Launchpad America.
Notably, the initiative aims to optimize operations and boost growth prospects for startups. Launchpad America intends to address the multiple hurdles encountered by owners while setting up a startup. Per the U.S. Small Business Administration, 20% startups are unable to sustain themselves during the first year of establishment. Further, 50% of them are unable to continue their business for five years.
Moreover, Launchpad America seems to be time opportune considering the COVID-19 pandemic induced financial uncertainties. Closure of physical stores and supply chain constraints put pressure on business’ operating environment. Nevertheless, as businesses globally are gradually recommencing operations, Launchpad America is likely to instill optimism for entrepreneurship in the post-pandemic era.
Its a well-known fact that small businesses form an integral part of the U.S. economy. Americans have exhibited increased interest toward startups, which is substantiated by the U.S. Census Bureau. Beginning from spring 2020 and continuing into this year, new business applications are being filed at the fastest rate since 2007.
Furthermore, Mastercard has always been committed to providing necessary assistance to startups through Mastercard Accelerate portfolio. The assistance ranged from offering technological assistance to helping them in rolling out new products and enhanced payments solutions. It has also undertaken substantial investments for supporting growth prospects of startups.
Another company in the same space,
Visa Inc. ( V Quick Quote V - Free Report) has launched an accelerator program, which gives opportunity to participating startups to progress with their expansion plans. Zacks Rank & Price Performance
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