Starting from scratch: where to find the most innovative start-ups
What are the secret ingredients that make start-ups thrive? And where are they thriving most? This infographic on start up failure rates takes a global perspective to understand what makes start-ups tick
Start-ups are often the envy of corporate organisations. Oozing innovation, effortlessly capturing new talent, taking risks and have flexibility at their core – it’s no surprise that everyone wants to know the secret recipe to a successful start-up culture. But with most start-ups resulting in failure, how can we identify the key drivers of successful new businesses?
Places for innovation
While the success and growth of start-ups cannot solely be put down to where a company decides to base itself, it can play a part. Statistics demonstrated in the infographic below highlight the key geographies in which start-ups are thriving.
Perhaps unsurprisingly, the USAs top the chart in the most start-up companies created in 2018 with more than 46,000 new companies. India and the UK follow in its wake, while Canada and Indonesia are also notable mentions. Although on a country-wide scale, USA is winning on new start-ups by quite some distance, there are many cities around the world notable for the growth of their start-up communities: Chicago, Melbourne, Austin, Stockholm, Toronto, Berlin, Istanbul, Tel Aviv, London, Vancouver all individually have earned their merit for fostering new start-up businesses. Then there is Silicon Valley…
‘Knowing the market is crucial…’
However, it’s not just location that matters. It is important that, as an aspiring start-up, you are entering the right market. In 2018 the most lucrative markets for start-ups were health, financial services and customer products and services.
Other drivers of start-up growth are the increased investment from governments on research and development, advances in technology allowing digitally-enabled businesses to thrive, and the economy welcoming a new market for technologically-enabled entrepreneurs.
See this infographic – ‘Startup Failure Rate and 80+ Other Startling Statistics About Startups’ – to find out key traits of an entrepreneur and the fundamental factors that influence the success of a start-up.