The term startup has almost become a household word. It’s often reserved for younger tech companies. But are young tech savvy ventures the only initiatives that fit that label?
“A startup is a company working to solve a problem where the solution is not obvious and success is not guaranteed,” says Neil Blumenthal Forbes
But, for those bitten by the startup bug, it’s also a mentality, a culture of sorts. Perhaps.
At the very least, a startup can be defined as a young company that has recently set up shop: in the early stages of operation. The second factor is a huge potential for growth. Past that, they’re usually small and funded by a small group or individual – which is often the startups creator. Contrary to popular belief, not all startups acquire, or require, large investments from larger companies.
In my own words: It’s a state of mind adopted by an individual or group of people with a great, forward-thinking idea. Believing in the idea so strongly, they are willing to throw stability to the wind and work for tremendous growth and huge impact in their industry.
You’ll find many definitions and most agree with my own but you won’t find a rigid set of rules. Since industries are vastly different in terms of revenue and strategy, “early stages” could mean in operation for five years. However, it’s fair to say that in that period most startups cease being a startup in that length of time – at that point, they’re likely to be in full operation with a strong foundation.
While they, hopefully, have potential for huge growth, industry impact, and revenue, I guarantee they stem from a strong belief in the idea. In any case, no matter the perception, all startups are created with passion and vision.
I love my own startup, ArtEvolved, as if it were an actual living, breathing being – to me it is.
Photo Credit: bykst