2. Startup is a term used to describe…..
a business working to make products or provide services to
solve contemporary problems or serve current demands as
the solution is not clear and the success is not guaranteed.
This is a successful startup story of two men, Kevin and
Mike, building a photo-sharing app ‘Instagram’ in only 8
weeks and after that, they increased their profit from 0 to 1
billion dollars in 2 years. This is an example of a startup.
3. According to Ries (2011),
Startup is a human institution designed to create new
products and services under conditions of extreme
uncertainty.
Dave McClure, an entrepreneur and angel investor who
founded the business accelerator 500 Startups, said:
A startup is a company that is confused about what its
product is, who its customers are and how to make money.
4. Startup ideas
There are 3 types of startup ideas:
• Type A: Startup ideas focus on providing customers with a
product from somewhere else and not available in its area.
• Type B: Startup ideas deal with new technology, make a new
product and show it to customers.
• Type C: Startup ideas are mainly about providing improved or
upgraded products to customers.
(Moore, Petty, Palich & Longenecker 2008