What exactly makes a startup? The most comprehensive guide to what answers this question has been released for 2015, and here are some of the facts.
In the 20th century there was a massive shift in the corporate business area tackling unique problems such as managing companies over vast areas, building and managing multiple customer segments, and building brands to appeal to the newly emerging middle class.
The 21st century has its own set of inverse issues to deal with including, instant connectivity to customers and global competition. In the information age, businesses are also dealing with plummeting cost of entry for new ventures and re-imagining new and traditional markets as part of the connected world.
Traditional newly formed businesses have a 75% of surviving the first two years, meanwhile startups , even with VC backing, have a 75% failure rate. Startups are often headed by a strong leader or leadership group who are willing to take risks in order to bring forth a new and imaginative product. Staying in touch and often working long hours is critical for many startups in the early stages, as things can change and take a turn for the worst so quickly.
Customer feedback is very important to keep things running smoothly and to help make the product or program the best it can be on a small budget. If the entrepreneur has a mentor, there is a greater chance of overall success. It’s also best to choose an area which has more successful startups.
There is a world map which illustrates the most successful places for startups all over the world. Meanwhile there is a chart which explains which global city is best for the following categories: performance, funding, market reach, talent, startup experience, and fastest growing. The entire US GDP is $15 trillion, 9 tech companies account for $1 trillion alone.
These company names are illustrated on the graphic (provided by Computer Science Zone) . A final chart illustrates the differences between three of America’s hotspot startup ecosystems.