According to statistical data, on average 1 startup per 10 achieves spectacular success and develops dynamically for a minimum period of several years. 2-3 somehow manage, but without major successes, and the remaining 7 after a year or two years end their activities for various reasons. This statistic may differ slightly between regions and countries depending on external financing assistance programs, organizational support from business incubators, etc. However, a small part of opened startups has been functioning for more than 2 years and has achieved great success in the scope of offer development, business run, participation in the acquired markets, the sale of a specific offer of innovative products or services and achieves financial success, which provides development opportunities.
In view of the above, what are the key success factors for the development of innovative startups? Is the idea for an innovative product or service the most important? Is the innovative technology on the basis of which new products or services are manufactured? Are convenient sources of external financing? Is a well-connected team of founders of a startup? Is a convenient tax system supporting the development of small entrepreneurship and innovation? Are also other factors?
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Five factors are critical to the initial success of any startup: the idea, the team, the business model, funding, and timing (but not necessarily in that order although the idea probably underpins all); later on, one might add leadership, planning, executing, marketing, dealing with growth, and responding to crises.
A proper, thought-through business model, business concept, and a unique value proposition.
Perseverence etc to run with it and see it through. Implement it.
Innovativeness and creativity to be able to circumvent and overcome problems etc on the way/ journey.
Funding. But lack of funding is a function of your unique value proposition and creativity.
Business acumen to know how to actually run a business.
Concept verification through testing.
I am referring to systematic entrepreneurship, not luck.
Five factors are critical to the initial success of any startup: the idea, the team, the business model, funding, and timing (but not necessarily in that order although the idea probably underpins all); later on, one might add leadership, planning, executing, marketing, dealing with growth, and responding to crises.
A Critical mass of entrepreneurs and innovators.
A strong, rich, new knowledge base can also contribute
Solution to a customer's problem and a business model that can support that idea.
Hi Dariusz- When I consider innovation, i think of three areas for success- organisational innovation (structure, leadership, management, strategy, culture), product and service innovation, and market orientation/ consumer engagement. Any or all can be critical success factors. Looking more pragmatically at the companies that I know have succeeded, they have relied on a/ a small group of consumers who have intimated support to create a base/ channel to be developed OR b/ a legislative need which requires a solution.
Dear Friends and Colleagues of RG What are the main determinants of the development of innovative startups in addition to the issue of the availability of external financing?
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Justification for the need and rationale behind innovative work that is useful and beneficial for the community
On the basis of the above considerations and conclusions from the discussion on interesting issues discussed, I formulated the following thesis that the transformation of the classical economy towards green economy should be implemented in every major strategic field of the national economy sector, including primarily in the energy sector to develop renewable sources energy. Therefore, as part of ecological policy, the state should support programs for the implementation of ecological reforms in the energy sector and the development of ecological innovations, thanks to which it will be possible to effectively implement the principles of sustainable pro-ecological development in economic processes in line with the green economy philosophy.
In the context of the above considerations, the following key questions arise:
- How long, how many years can it take to realize fully pro-ecological reforms in the energy sector, i.e. reforms consisting in the transformation of classic energy based on the burning of minerals into the ecological, harmless to the environment and climate of the planet Earth, energy based on the production of energy from renewable energy sources?
- What types of eco-innovations, including those related to the development of renewable energy sources, development of electromobility, improvement of waste segregation, development of recycling, conversion of plastic into biodegradable materials, improvement of the purification of the environment from civilization toxins, etc. should be developed in order to continue the transformation of the classic economy into green economy?
- Will man manage to transform the classic economy into green economy, among others on supporting programs for the development of eco-innovations and other pro-ecological reforms underpinning before a progressive global warming process can lead to a global climate disaster at the end of the 21st century?
- What are your recommendations for the quick implementation of the principles of sustainable pro-ecological development in economic processes carried out in accordance with the concept of the transformation of classical economics towards green economy?
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