A startup can be broadly defined as a young and innovative
business enterprise that is typically characterized by its focus on developing
and bringing to market new products, services, or technologies.
Key characteristics of startups are:
Innovation
Startups often aim to address a gap in the market or solve a specific problem with their innovative ideas, products, or services.
Scalability
Startups aim to scale their operations, expand their customer base, and increase their market share over time.
Risk and Understanding
Startups often operate in environments where there is a significant degree of uncertainty and further face challenges such as market acceptance, competition, and financial constraint.
Entrepreneurial Spirit
Startups are often seek to disrupt traditional industries or create entirely new markets by spearheading innovation.
Technology Orientation
Startups tend to leverage technology as a core component of their business model integrating usage of software, mobile applications, artificial intelligence, or other advanced technologies.
Ecosystem Management
Startups do actively participate in startup incubators, accelerators, networking events, and industry conferences.
