What is a Startup?
About this Article:
The term Startup has many definitions. This Article short lists three famous definitions of a Startup, to discuss in the study circle. It also explains Taxonomy of a Startup. and Startup ecosystem.
Definitions of Startup
1. SBA definition of Startup
The Small Business Administration defines a Startup as:“In the world of business, the word "startup" goes beyond a company just getting off the ground. The term startup is also associated with a business that is typically technology oriented and has high growth potential. Startups have some unique struggles, especially in regard to financing. That’s because investors are looking for the highest potential return on investment, while balancing the associated risks.”
[Small Business Administration]
2. Startup-definition by Steve Blank
Blank is recognized for developing the Customer Development method that launched the Lean Startup movement. He is also an adjunct professor of entrepreneurship at Stanford.As per Blank:
"A startup is an organization formed to search for a repeatable and scalable business model."
[Steve Blank]
3. Startup-definition by Eric Ries
Ries is a famous author of the Lean Startup Methodology. He is co-founder and CTO of IMVU, the largest online metaverse. He defines a startup as:"A Startup is a human institution designed to create a new product or service under conditions of extreme uncertainty."
[Eric Ries]
Summary:
Startups are not smaller versions of large companies, but require their own set of processes and tools to be successful.What comes to your mind when you hear the word Startup? Please leave your comment.
