A Business Wake honoring recent startup failures and appreciating ventures that have been “laid to rest” will be held Nov. 1.

“Hosted by Peak Startup and Epicentral Coworking, the Business Wake is an evening of celebrating those who take risks and to learn from others’ mistakes in building a business,” said Natasha Main, executive director of Peak Startup, via email.

The event will highlight startup lessons learned, from 6-7:30 p.m. Thursday at Epicentral Coworking space, 415 N. Tejon St.

“There is a great deal of celebration for success and growth in one’s life; however, we frequently neglect the celebration of dealing with and appreciating loss,” Main said. “We’re practicing a new tradition by honoring recent failures. The Business Wake is a chance to celebrate lessons learned and opportunities that can arise from taking a risk.”

The event will feature three speakers, who will give a eulogy of their venture, including: Joseph Coleman, Blue Star; Forrest Senti, Linted; and Jeff Cloutier, Godec’s Photo Supply.

They will address the following questions:
● What was your failed business or idea?
● What was the life of your business or idea?
● What lessons did you learn?
● What was your grave mistake?
● What was your most valuable lesson?
● How do you feel better prepared for your next venture?
● What support did you most appreciate when going through this experience?
● What was your favorite memory from this experience?
● What is the number one piece of wisdom you want to pass along?

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There is a 90 percent-plus failure rate for startups, according to Main.

“Talking about and learning from a founder’s failure helps others avoid their own potential pitfalls,” she said, “and creates a stronger startup community where honest and real conversations happen.”

Attending the Business Wake will be beneficial for anyone in the entrepreneurial or business community, Main said.

“Whether you have yet to start a business, are in the middle of growing and running your business, or have your own failure to heal from, this evening of conversation will benefit anyone by learning more about the less seen, and more common, side of entrepreneurship,” she said.

Main believes an essential element of a strong startup community is having networking opportunities for entrepreneurs.

“Through relationships formed, a community is fostered and builds the energy necessary for creating momentum for new, scalable businesses,” she said. “In addition, networking with like-minded people allows founders to organically find mentors and solve problems together.”

The nonprofit and its community sponsors, are the Downtown Development Authority, Colorado Springs Chamber & EDC and the city of Colorado Springs, want to let local startups know they recognize their significance to the area’s economic development and vitality.

“For startups to be successful, we need a community of support that champions risk-takers, and that is precisely what Peak Startup and our Business Wake event with Epicentral Coworking are designed to do,” Main said.

Visit peakstartup.org for information about the nonprofit’s upcoming events.

Note: This story has been updated to show the correct date — Nov. 1.