I was recently invited to speak at a Northwestern University Kellogg MBA class to discuss the challenges of starting a company, specifically a “Web 2.0” company. While I don’t necessarily care for the categorization as a “Web 2.0” company, I was excited to receive the feedback of some of the sharpest business minds in the country. The overall session was extremely positive and well-received. As we were leaving, I was approached by one of the students who asked me “given that the majority of startups fail, why do you think ParkWhiz will succeed?”

I answered the gentleman’s question with an air of confidence, but over the next few days, the question got me thinking. Ideas are everywhere and at their infancy can sound off-the-wall or even insane. eBay was a laughable concept to many 10 years ago. Was Pierre Omidyar crazy to start eBay? Clearly, in his wildest imagination, he never thought eBay would evolve to its current day stage. Jeff Fluhr, who recently sold his company, StubHub, to eBay for $300M+ knew he had a great idea 6 years ago, but probably faced challenges and stresses he also never imagined. The same could be said for Jeff Bezos, Paul Graham and other entrepreneurs who eventually became successful.

I know the numbers – 9 in 10 startup businesses will fail. Those are pretty daunting numbers and can make anyone question their life’s path. Nevertheless, people continue to create startups and at a furious pace. The reason: we are all wannabe Omidyar’s, Bezo’s, and Fluhr’s etc. and truly believe we can help create the next great thing. And the statistics suggest today is a great time to start a business.

According to Pew Research,

-75%+, or more than 150 million Americans, are Internet users
-50% of US Internet users access it through a broadband connection
-91% use a search engine to find information
-84% search for a map or driving directions
-73% get travel info via the Internet
-63% buy or make a reservation for travel
-39% read someone else’s blog
-35% send or receive text messages using a cell phone
-28% rate a product, service or person using an online rating system
-12.5% maintain their own website
-7.5% keep a blog; which more than doubles than numbers three years ago

But I know, despite any statistic, good or bad, the key to any successful company, whether classfied as a traditional business or a “Web 2.0” company is and always will be the same. You need to have a solid idea, a great team, and ultimately the right execution. It has been the foundation of successful businesses since the dawn of time and will always continue to be that way. It also doesn’t hurt to have a bit of luck as well!

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