What’s a Startup and how to launch one?
A startup, according to Forbes, is a young company established by a team of common thinkers. The business goal of startup partners is to develop a product or service unlike no one in the world, bring it to market and gain customer demand and satisfaction.
Any startup that is being launched these days revolves around an innovative idea that has not yet been explored or a completely new type of product or services users were desperate to obtain. Thus, thinking outside the box, many startups become positive disruptors of old-fashioned industries and offer excellent solutions. The giant companies today founded by Steve Jobs, Elon Musk, and Mark Zuckerberg once were small startups, which simply had a zest.
Startup Location and Industry
In the beginning, 90% of new startups tend to be on the brink of failure. But not all of them are failures. Some even turn into unicorns – privately held startup companies worth $1 billion. As of April 2021, there were approximately 600 unicorns in the world, and the biggest quantity of them are located in the U.S. and China.
Startups are industry-specific. Industries that create new startups these days are:
- Fintech – 7.1%
- Healthcare – 6.8%
- AI – 5%
- Gaming – 4.7%
- Adtech – 3.3%
- Edtech – 2.8%
- Cleantech – 2.1%
- Blockchain – 1.5%
- Robotics – 1.3%
- Cybersecurity – 0.7%
- Agtech- 0.6%
Based on the industry preferences and other factors, most of the startups today are located in:
- USA – 65,703
- India – 8,301
- UK – 5,377
- Canada – 2,711
- Indonesia – 2,198
- Germany – 2,124
- Australia – 1,635
- France – 1,480
- Spain – 1,300
- Brazil – 1,140
Although numerous startups are being launched and founders strive to be competitive on the market and lead their businesses, lots of these startups experience different shortages of money, time, talents, and experience to be ahead of the others. What’s more, if user demand is weak, startups fail. What are the real startup problems that make them lose their ground?
Why do Startups fail: how to understand where you’re at?
The reasons for startup misluck are numerous. According to Statista, the most reported failures are due to:
1. No Demand on the Market
The biggest demand on the market can be achieved if you are to solve some kind of a problem for people and allow them a convenient and smooth usage of your solution. If your idea is great but there is no need for it – then leave it behind. Study the market demand first and understand what is missing but yet would have been good to have. 42% of startups fail due to wrong market interpretations or think this stage is not important.
The value of your idea lies in the using of it. – Tomas Edison, Co-founder of General Electric
To read more, visit Inoxoft: https://inoxoft.com/blog/how-to-hire-developers-for-a-startup-in-6-steps/
