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class="vector-toc-list-item vector-toc-level-2"> <a class="vector-toc-link" href="#Design_principles"> <div class="vector-toc-text"> <span class="vector-toc-numb">1.1</span> <span>Design principles</span> </div> </a> <ul id="toc-Design_principles-sublist" class="vector-toc-list"> </ul> </li> <li id="toc-Heuristics_and_biases_in_startup_actions" class="vector-toc-list-item vector-toc-level-2"> <a class="vector-toc-link" href="#Heuristics_and_biases_in_startup_actions"> <div class="vector-toc-text"> <span class="vector-toc-numb">1.2</span> <span>Heuristics and biases in startup actions</span> </div> </a> <ul id="toc-Heuristics_and_biases_in_startup_actions-sublist" class="vector-toc-list"> </ul> </li> <li id="toc-Mentoring" class="vector-toc-list-item vector-toc-level-2"> <a class="vector-toc-link" href="#Mentoring"> <div class="vector-toc-text"> <span class="vector-toc-numb">1.3</span> <span>Mentoring</span> </div> </a> <ul id="toc-Mentoring-sublist" class="vector-toc-list"> </ul> </li> </ul> </li> <li id="toc-Principles" class="vector-toc-list-item vector-toc-level-1"> <a class="vector-toc-link" href="#Principles"> <div class="vector-toc-text"> <span class="vector-toc-numb">2</span> <span>Principles</span> </div> </a> <button aria-controls="toc-Principles-sublist" class="cdx-button cdx-button--weight-quiet cdx-button--icon-only vector-toc-toggle"> <span class="vector-icon mw-ui-icon-wikimedia-expand"></span> <span>Toggle Principles subsection</span> </button> <ul id="toc-Principles-sublist" class="vector-toc-list"> <li id="toc-Lean_startup" class="vector-toc-list-item vector-toc-level-2"> <a class="vector-toc-link" href="#Lean_startup"> <div class="vector-toc-text"> <span class="vector-toc-numb">2.1</span> <span>Lean startup</span> </div> </a> <ul id="toc-Lean_startup-sublist" class="vector-toc-list"> </ul> </li> <li id="toc-Market_validation" class="vector-toc-list-item vector-toc-level-2"> <a class="vector-toc-link" href="#Market_validation"> <div class="vector-toc-text"> <span class="vector-toc-numb">2.2</span> <span>Market validation</span> </div> </a> <ul id="toc-Market_validation-sublist" class="vector-toc-list"> </ul> </li> <li id="toc-Design_thinking" class="vector-toc-list-item vector-toc-level-2"> <a class="vector-toc-link" href="#Design_thinking"> <div class="vector-toc-text"> <span class="vector-toc-numb">2.3</span> <span>Design thinking</span> </div> </a> <ul id="toc-Design_thinking-sublist" class="vector-toc-list"> </ul> </li> <li id="toc-Decision-making_under_uncertainty" class="vector-toc-list-item vector-toc-level-2"> <a class="vector-toc-link" href="#Decision-making_under_uncertainty"> <div class="vector-toc-text"> <span class="vector-toc-numb">2.4</span> <span>Decision-making under uncertainty</span> </div> </a> <ul id="toc-Decision-making_under_uncertainty-sublist" class="vector-toc-list"> </ul> </li> <li id="toc-Partnering" class="vector-toc-list-item vector-toc-level-2"> <a class="vector-toc-link" href="#Partnering"> <div class="vector-toc-text"> <span class="vector-toc-numb">2.5</span> <span>Partnering</span> </div> </a> <ul id="toc-Partnering-sublist" class="vector-toc-list"> </ul> </li> <li id="toc-Entrepreneurial_learning" class="vector-toc-list-item vector-toc-level-2"> <a class="vector-toc-link" href="#Entrepreneurial_learning"> <div class="vector-toc-text"> <span class="vector-toc-numb">2.6</span> <span>Entrepreneurial learning</span> </div> </a> <ul id="toc-Entrepreneurial_learning-sublist" class="vector-toc-list"> </ul> </li> <li id="toc-Business_Model_Design" class="vector-toc-list-item vector-toc-level-2"> <a class="vector-toc-link" href="#Business_Model_Design"> <div class="vector-toc-text"> <span class="vector-toc-numb">2.7</span> <span>Business Model Design</span> </div> </a> <ul id="toc-Business_Model_Design-sublist" class="vector-toc-list"> </ul> </li> </ul> </li> <li id="toc-Founders/entrepreneurs" class="vector-toc-list-item vector-toc-level-1"> <a class="vector-toc-link" href="#Founders/entrepreneurs"> <div class="vector-toc-text"> <span class="vector-toc-numb">3</span> <span>Founders/entrepreneurs</span> </div> </a> <button aria-controls="toc-Founders/entrepreneurs-sublist" class="cdx-button cdx-button--weight-quiet cdx-button--icon-only vector-toc-toggle"> <span class="vector-icon mw-ui-icon-wikimedia-expand"></span> <span>Toggle Founders/entrepreneurs subsection</span> </button> <ul id="toc-Founders/entrepreneurs-sublist" class="vector-toc-list"> <li id="toc-Self-efficacy" class="vector-toc-list-item vector-toc-level-2"> <a class="vector-toc-link" href="#Self-efficacy"> <div class="vector-toc-text"> <span class="vector-toc-numb">3.1</span> <span>Self-efficacy</span> </div> </a> <ul id="toc-Self-efficacy-sublist" class="vector-toc-list"> </ul> </li> <li id="toc-Stress" class="vector-toc-list-item vector-toc-level-2"> <a class="vector-toc-link" href="#Stress"> <div class="vector-toc-text"> <span class="vector-toc-numb">3.2</span> <span>Stress</span> </div> </a> <ul id="toc-Stress-sublist" class="vector-toc-list"> </ul> </li> <li id="toc-Emotional_exhaustion" class="vector-toc-list-item vector-toc-level-2"> <a class="vector-toc-link" href="#Emotional_exhaustion"> <div class="vector-toc-text"> <span class="vector-toc-numb">3.3</span> <span>Emotional exhaustion</span> </div> </a> <ul id="toc-Emotional_exhaustion-sublist" class="vector-toc-list"> </ul> </li> <li id="toc-Founder_identity_and_culture" class="vector-toc-list-item vector-toc-level-2"> <a class="vector-toc-link" href="#Founder_identity_and_culture"> <div class="vector-toc-text"> <span class="vector-toc-numb">3.4</span> <span>Founder identity and culture</span> </div> </a> <ul id="toc-Founder_identity_and_culture-sublist" class="vector-toc-list"> </ul> </li> </ul> </li> <li id="toc-Failure" class="vector-toc-list-item vector-toc-level-1"> <a class="vector-toc-link" href="#Failure"> <div class="vector-toc-text"> <span class="vector-toc-numb">4</span> <span>Failure</span> </div> </a> <button aria-controls="toc-Failure-sublist" class="cdx-button cdx-button--weight-quiet cdx-button--icon-only vector-toc-toggle"> <span class="vector-icon mw-ui-icon-wikimedia-expand"></span> <span>Toggle Failure subsection</span> </button> <ul id="toc-Failure-sublist" class="vector-toc-list"> <li id="toc-Re-starters" class="vector-toc-list-item vector-toc-level-2"> <a class="vector-toc-link" href="#Re-starters"> <div class="vector-toc-text"> <span class="vector-toc-numb">4.1</span> <span>Re-starters</span> </div> </a> <ul id="toc-Re-starters-sublist" class="vector-toc-list"> </ul> </li> </ul> </li> <li id="toc-Training" class="vector-toc-list-item vector-toc-level-1"> <a class="vector-toc-link" href="#Training"> <div class="vector-toc-text"> <span class="vector-toc-numb">5</span> <span>Training</span> </div> </a> <ul id="toc-Training-sublist" class="vector-toc-list"> </ul> </li> <li id="toc-Ecosystem" class="vector-toc-list-item vector-toc-level-1"> <a class="vector-toc-link" href="#Ecosystem"> <div class="vector-toc-text"> <span class="vector-toc-numb">6</span> <span>Ecosystem</span> </div> </a> <ul id="toc-Ecosystem-sublist" class="vector-toc-list"> </ul> </li> <li id="toc-Investing" class="vector-toc-list-item vector-toc-level-1"> <a class="vector-toc-link" href="#Investing"> <div class="vector-toc-text"> <span class="vector-toc-numb">7</span> <span>Investing</span> </div> </a> <button aria-controls="toc-Investing-sublist" class="cdx-button cdx-button--weight-quiet cdx-button--icon-only vector-toc-toggle"> <span class="vector-icon mw-ui-icon-wikimedia-expand"></span> <span>Toggle Investing subsection</span> </button> <ul id="toc-Investing-sublist" class="vector-toc-list"> <li id="toc-Necessity_of_funding" class="vector-toc-list-item vector-toc-level-2"> <a class="vector-toc-link" href="#Necessity_of_funding"> <div class="vector-toc-text"> <span class="vector-toc-numb">7.1</span> <span>Necessity of funding</span> </div> </a> <ul id="toc-Necessity_of_funding-sublist" class="vector-toc-list"> </ul> </li> <li id="toc-Valuations" class="vector-toc-list-item vector-toc-level-2"> <a class="vector-toc-link" href="#Valuations"> <div class="vector-toc-text"> <span class="vector-toc-numb">7.2</span> <span>Valuations</span> </div> </a> <ul id="toc-Valuations-sublist" class="vector-toc-list"> </ul> </li> <li id="toc-Investing_rounds" class="vector-toc-list-item vector-toc-level-2"> <a class="vector-toc-link" href="#Investing_rounds"> <div class="vector-toc-text"> <span class="vector-toc-numb">7.3</span> <span>Investing rounds</span> </div> </a> <ul id="toc-Investing_rounds-sublist" class="vector-toc-list"> </ul> </li> <li id="toc-History_of_startup_investing" class="vector-toc-list-item vector-toc-level-2"> <a class="vector-toc-link" href="#History_of_startup_investing"> <div class="vector-toc-text"> <span class="vector-toc-numb">7.4</span> <span>History of startup investing</span> </div> </a> <ul id="toc-History_of_startup_investing-sublist" class="vector-toc-list"> </ul> </li> <li id="toc-Investing_online" class="vector-toc-list-item vector-toc-level-2"> <a class="vector-toc-link" href="#Investing_online"> <div class="vector-toc-text"> <span class="vector-toc-numb">7.5</span> <span>Investing online</span> </div> </a> <ul id="toc-Investing_online-sublist" class="vector-toc-list"> </ul> </li> </ul> </li> <li id="toc-Internal_startups" class="vector-toc-list-item vector-toc-level-1"> <a class="vector-toc-link" href="#Internal_startups"> <div class="vector-toc-text"> <span class="vector-toc-numb">8</span> <span>Internal startups</span> </div> </a> <ul id="toc-Internal_startups-sublist" class="vector-toc-list"> </ul> </li> <li id="toc-Unicorns" class="vector-toc-list-item vector-toc-level-1"> <a class="vector-toc-link" href="#Unicorns"> <div class="vector-toc-text"> <span class="vector-toc-numb">9</span> <span>Unicorns</span> </div> </a> <ul id="toc-Unicorns-sublist" class="vector-toc-list"> </ul> </li> <li id="toc-Critiques_of_the_start-up_mode" class="vector-toc-list-item vector-toc-level-1"> <a class="vector-toc-link" href="#Critiques_of_the_start-up_mode"> <div class="vector-toc-text"> <span class="vector-toc-numb">10</span> <span>Critiques of the start-up mode</span> </div> </a> <ul id="toc-Critiques_of_the_start-up_mode-sublist" class="vector-toc-list"> </ul> </li> <li id="toc-Today" class="vector-toc-list-item vector-toc-level-1"> <a class="vector-toc-link" href="#Today"> <div class="vector-toc-text"> <span class="vector-toc-numb">11</span> <span>Today</span> </div> </a> <ul id="toc-Today-sublist" class="vector-toc-list"> </ul> </li> <li id="toc-See_also" class="vector-toc-list-item vector-toc-level-1"> <a class="vector-toc-link" href="#See_also"> <div class="vector-toc-text"> <span class="vector-toc-numb">12</span> <span>See also</span> </div> </a> <ul id="toc-See_also-sublist" class="vector-toc-list"> </ul> </li> <li id="toc-References" class="vector-toc-list-item vector-toc-level-1"> <a class="vector-toc-link" href="#References"> <div class="vector-toc-text"> <span class="vector-toc-numb">13</span> <span>References</span> </div> </a> <ul id="toc-References-sublist" class="vector-toc-list"> </ul> </li> </ul> </div> </div> </nav> </div> </div> <div class="mw-content-container"> <main id="content" class="mw-body"> <header class="mw-body-header vector-page-titlebar"> <nav aria-label="Contents" class="vector-toc-landmark"> <div id="vector-page-titlebar-toc" class="vector-dropdown vector-page-titlebar-toc vector-button-flush-left" > <input type="checkbox" id="vector-page-titlebar-toc-checkbox" role="button" aria-haspopup="true" data-event-name="ui.dropdown-vector-page-titlebar-toc" class="vector-dropdown-checkbox " aria-label="Toggle the table of contents" > <label id="vector-page-titlebar-toc-label" for="vector-page-titlebar-toc-checkbox" class="vector-dropdown-label cdx-button cdx-button--fake-button cdx-button--fake-button--enabled cdx-button--weight-quiet cdx-button--icon-only " aria-hidden="true" ><span class="vector-icon mw-ui-icon-listBullet mw-ui-icon-wikimedia-listBullet"></span> <span class="vector-dropdown-label-text">Toggle the table of contents</span> </label> <div class="vector-dropdown-content"> <div id="vector-page-titlebar-toc-unpinned-container" class="vector-unpinned-container"> </div> </div> </div> </nav> <h1 id="firstHeading" class="firstHeading mw-first-heading"><span class="mw-page-title-main">Startup company</span></h1> <div id="p-lang-btn" class="vector-dropdown mw-portlet mw-portlet-lang" > <input type="checkbox" id="p-lang-btn-checkbox" role="button" aria-haspopup="true" data-event-name="ui.dropdown-p-lang-btn" class="vector-dropdown-checkbox mw-interlanguage-selector" aria-label="Go to an article in another language. Available in 61 languages" > <label id="p-lang-btn-label" for="p-lang-btn-checkbox" class="vector-dropdown-label cdx-button cdx-button--fake-button cdx-button--fake-button--enabled cdx-button--weight-quiet cdx-button--action-progressive mw-portlet-lang-heading-61" aria-hidden="true" ><span class="vector-icon mw-ui-icon-language-progressive mw-ui-icon-wikimedia-language-progressive"></span> <span class="vector-dropdown-label-text">61 languages</span> </label> <div class="vector-dropdown-content"> <div class="vector-menu-content"> <ul class="vector-menu-content-list"> <li class="interlanguage-link interwiki-af mw-list-item"><a href="https://af.wikipedia.org/wiki/Beginonderneming" title="Beginonderneming – Afrikaans" lang="af" hreflang="af" data-title="Beginonderneming" data-language-autonym="Afrikaans" data-language-local-name="Afrikaans" class="interlanguage-link-target"><span>Afrikaans</span></a></li><li class="interlanguage-link interwiki-ar mw-list-item"><a href="https://ar.wikipedia.org/wiki/%D8%B4%D8%B1%D9%83%D8%A9_%D9%86%D8%A7%D8%B4%D8%A6%D8%A9" title="شركة ناشئة – Arabic" lang="ar" hreflang="ar" data-title="شركة ناشئة" data-language-autonym="العربية" data-language-local-name="Arabic" class="interlanguage-link-target"><span>العربية</span></a></li><li class="interlanguage-link interwiki-az mw-list-item"><a href="https://az.wikipedia.org/wiki/Startap" title="Startap – Azerbaijani" lang="az" hreflang="az" data-title="Startap" data-language-autonym="Azərbaycanca" data-language-local-name="Azerbaijani" class="interlanguage-link-target"><span>Azərbaycanca</span></a></li><li class="interlanguage-link interwiki-bn mw-list-item"><a href="https://bn.wikipedia.org/wiki/%E0%A6%B8%E0%A6%AE%E0%A7%8D%E0%A6%AD%E0%A6%BE%E0%A6%AC%E0%A6%A8%E0%A6%BE%E0%A6%AE%E0%A6%AF%E0%A6%BC_%E0%A6%A8%E0%A6%A4%E0%A7%81%E0%A6%A8_%E0%A6%AC%E0%A7%8D%E0%A6%AF%E0%A6%AC%E0%A6%B8%E0%A6%BE_%E0%A6%AA%E0%A7%8D%E0%A6%B0%E0%A6%A4%E0%A6%BF%E0%A6%B7%E0%A7%8D%E0%A6%A0%E0%A6%BE%E0%A6%A8" title="সম্ভাবনাময় নতুন ব্যবসা প্রতিষ্ঠান – Bangla" lang="bn" hreflang="bn" data-title="সম্ভাবনাময় নতুন ব্যবসা প্রতিষ্ঠান" data-language-autonym="বাংলা" data-language-local-name="Bangla" class="interlanguage-link-target"><span>বাংলা</span></a></li><li class="interlanguage-link interwiki-bjn mw-list-item"><a href="https://bjn.wikipedia.org/wiki/Pausahaan_ukara" title="Pausahaan ukara – Banjar" lang="bjn" hreflang="bjn" data-title="Pausahaan ukara" data-language-autonym="Banjar" data-language-local-name="Banjar" class="interlanguage-link-target"><span>Banjar</span></a></li><li class="interlanguage-link interwiki-be mw-list-item"><a href="https://be.wikipedia.org/wiki/%D0%A1%D1%82%D0%B0%D1%80%D1%82%D0%B0%D0%BF" title="Стартап – Belarusian" lang="be" hreflang="be" data-title="Стартап" data-language-autonym="Беларуская" data-language-local-name="Belarusian" class="interlanguage-link-target"><span>Беларуская</span></a></li><li class="interlanguage-link interwiki-bg mw-list-item"><a href="https://bg.wikipedia.org/wiki/%D0%A1%D1%82%D0%B0%D1%80%D1%82%D1%8A%D0%BF" title="Стартъп – Bulgarian" lang="bg" hreflang="bg" data-title="Стартъп" data-language-autonym="Български" data-language-local-name="Bulgarian" class="interlanguage-link-target"><span>Български</span></a></li><li class="interlanguage-link interwiki-ca mw-list-item"><a href="https://ca.wikipedia.org/wiki/Empresa_emergent" title="Empresa emergent – Catalan" lang="ca" hreflang="ca" data-title="Empresa emergent" data-language-autonym="Català" data-language-local-name="Catalan" class="interlanguage-link-target"><span>Català</span></a></li><li class="interlanguage-link interwiki-cv mw-list-item"><a href="https://cv.wikipedia.org/wiki/%D0%A1%D1%82%D0%B0%D1%80%D1%82%D0%B0%D0%BF" title="Стартап – Chuvash" lang="cv" hreflang="cv" data-title="Стартап" data-language-autonym="Чӑвашла" data-language-local-name="Chuvash" class="interlanguage-link-target"><span>Чӑвашла</span></a></li><li class="interlanguage-link interwiki-cs mw-list-item"><a href="https://cs.wikipedia.org/wiki/Startup" title="Startup – Czech" lang="cs" hreflang="cs" data-title="Startup" data-language-autonym="Čeština" data-language-local-name="Czech" class="interlanguage-link-target"><span>Čeština</span></a></li><li class="interlanguage-link interwiki-de mw-list-item"><a href="https://de.wikipedia.org/wiki/Start-up-Unternehmen" title="Start-up-Unternehmen – German" lang="de" hreflang="de" data-title="Start-up-Unternehmen" data-language-autonym="Deutsch" data-language-local-name="German" class="interlanguage-link-target"><span>Deutsch</span></a></li><li class="interlanguage-link interwiki-et mw-list-item"><a href="https://et.wikipedia.org/wiki/Idufirma" title="Idufirma – Estonian" lang="et" hreflang="et" data-title="Idufirma" data-language-autonym="Eesti" data-language-local-name="Estonian" class="interlanguage-link-target"><span>Eesti</span></a></li><li class="interlanguage-link interwiki-el mw-list-item"><a href="https://el.wikipedia.org/wiki/%CE%9D%CE%B5%CE%BF%CF%86%CF%85%CE%AE%CF%82_%CE%B5%CF%80%CE%B9%CF%87%CE%B5%CE%AF%CF%81%CE%B7%CF%83%CE%B7" title="Νεοφυής επιχείρηση – Greek" lang="el" hreflang="el" data-title="Νεοφυής επιχείρηση" data-language-autonym="Ελληνικά" data-language-local-name="Greek" class="interlanguage-link-target"><span>Ελληνικά</span></a></li><li class="interlanguage-link interwiki-es mw-list-item"><a href="https://es.wikipedia.org/wiki/Empresa_emergente" title="Empresa emergente – Spanish" lang="es" hreflang="es" data-title="Empresa emergente" data-language-autonym="Español" data-language-local-name="Spanish" class="interlanguage-link-target"><span>Español</span></a></li><li class="interlanguage-link interwiki-eo mw-list-item"><a href="https://eo.wikipedia.org/wiki/Ekfirmao" title="Ekfirmao – Esperanto" lang="eo" hreflang="eo" data-title="Ekfirmao" data-language-autonym="Esperanto" data-language-local-name="Esperanto" class="interlanguage-link-target"><span>Esperanto</span></a></li><li class="interlanguage-link interwiki-eu mw-list-item"><a href="https://eu.wikipedia.org/wiki/Startup" title="Startup – Basque" lang="eu" hreflang="eu" data-title="Startup" data-language-autonym="Euskara" data-language-local-name="Basque" class="interlanguage-link-target"><span>Euskara</span></a></li><li class="interlanguage-link interwiki-fa mw-list-item"><a href="https://fa.wikipedia.org/wiki/%D8%B4%D8%B1%DA%A9%D8%AA_%D9%86%D9%88%D9%BE%D8%A7" title="شرکت نوپا – Persian" lang="fa" hreflang="fa" data-title="شرکت نوپا" data-language-autonym="فارسی" data-language-local-name="Persian" class="interlanguage-link-target"><span>فارسی</span></a></li><li class="interlanguage-link interwiki-fr mw-list-item"><a href="https://fr.wikipedia.org/wiki/Start-up" title="Start-up – French" lang="fr" hreflang="fr" data-title="Start-up" data-language-autonym="Français" data-language-local-name="French" class="interlanguage-link-target"><span>Français</span></a></li><li class="interlanguage-link interwiki-ko mw-list-item"><a href="https://ko.wikipedia.org/wiki/%EC%8A%A4%ED%83%80%ED%8A%B8%EC%97%85_%EC%BB%B4%ED%8D%BC%EB%8B%88" title="스타트업 컴퍼니 – Korean" lang="ko" hreflang="ko" data-title="스타트업 컴퍼니" data-language-autonym="한국어" data-language-local-name="Korean" class="interlanguage-link-target"><span>한국어</span></a></li><li class="interlanguage-link interwiki-hy mw-list-item"><a href="https://hy.wikipedia.org/wiki/%D5%8D%D5%A9%D5%A1%D6%80%D5%A9%D5%A1%D6%83" title="Սթարթափ – Armenian" lang="hy" hreflang="hy" data-title="Սթարթափ" data-language-autonym="Հայերեն" data-language-local-name="Armenian" class="interlanguage-link-target"><span>Հայերեն</span></a></li><li class="interlanguage-link interwiki-hi mw-list-item"><a href="https://hi.wikipedia.org/wiki/%E0%A4%B8%E0%A5%8D%E0%A4%9F%E0%A4%BE%E0%A4%B0%E0%A5%8D%E0%A4%9F%E0%A4%85%E0%A4%AA_%E0%A4%95%E0%A4%82%E0%A4%AA%E0%A4%A8%E0%A5%80" title="स्टार्टअप कंपनी – Hindi" lang="hi" hreflang="hi" data-title="स्टार्टअप कंपनी" data-language-autonym="हिन्दी" data-language-local-name="Hindi" class="interlanguage-link-target"><span>हिन्दी</span></a></li><li class="interlanguage-link interwiki-hr mw-list-item"><a href="https://hr.wikipedia.org/wiki/Pokretanje_male_tvrtke" title="Pokretanje male tvrtke – Croatian" lang="hr" hreflang="hr" data-title="Pokretanje male tvrtke" data-language-autonym="Hrvatski" data-language-local-name="Croatian" class="interlanguage-link-target"><span>Hrvatski</span></a></li><li class="interlanguage-link interwiki-id mw-list-item"><a href="https://id.wikipedia.org/wiki/Perusahaan_rintisan" title="Perusahaan rintisan – Indonesian" lang="id" hreflang="id" data-title="Perusahaan rintisan" data-language-autonym="Bahasa Indonesia" data-language-local-name="Indonesian" class="interlanguage-link-target"><span>Bahasa Indonesia</span></a></li><li class="interlanguage-link interwiki-ia mw-list-item"><a href="https://ia.wikipedia.org/wiki/Empresa_emergente" title="Empresa emergente – Interlingua" lang="ia" hreflang="ia" data-title="Empresa emergente" data-language-autonym="Interlingua" data-language-local-name="Interlingua" class="interlanguage-link-target"><span>Interlingua</span></a></li><li class="interlanguage-link interwiki-is mw-list-item"><a href="https://is.wikipedia.org/wiki/Sprotafyrirt%C3%A6ki" title="Sprotafyrirtæki – Icelandic" lang="is" hreflang="is" data-title="Sprotafyrirtæki" data-language-autonym="Íslenska" data-language-local-name="Icelandic" class="interlanguage-link-target"><span>Íslenska</span></a></li><li class="interlanguage-link interwiki-it mw-list-item"><a href="https://it.wikipedia.org/wiki/Startup" title="Startup – Italian" lang="it" hreflang="it" data-title="Startup" data-language-autonym="Italiano" data-language-local-name="Italian" class="interlanguage-link-target"><span>Italiano</span></a></li><li class="interlanguage-link interwiki-he mw-list-item"><a href="https://he.wikipedia.org/wiki/%D7%97%D7%91%D7%A8%D7%AA_%D7%94%D7%96%D7%A0%D7%A7" title="חברת הזנק – Hebrew" lang="he" hreflang="he" data-title="חברת הזנק" data-language-autonym="עברית" data-language-local-name="Hebrew" class="interlanguage-link-target"><span>עברית</span></a></li><li class="interlanguage-link interwiki-kk mw-list-item"><a href="https://kk.wikipedia.org/wiki/%D0%A1%D1%82%D0%B0%D1%80%D1%82%D0%B0%D0%BF_%D0%BA%D0%BE%D0%BC%D0%BF%D0%B0%D0%BD%D0%B8%D1%8F" title="Стартап компания – Kazakh" lang="kk" hreflang="kk" data-title="Стартап компания" data-language-autonym="Қазақша" data-language-local-name="Kazakh" class="interlanguage-link-target"><span>Қазақша</span></a></li><li class="interlanguage-link interwiki-lv mw-list-item"><a href="https://lv.wikipedia.org/wiki/Jaunuz%C5%86%C4%93mums" title="Jaunuzņēmums – Latvian" lang="lv" hreflang="lv" data-title="Jaunuzņēmums" data-language-autonym="Latviešu" data-language-local-name="Latvian" class="interlanguage-link-target"><span>Latviešu</span></a></li><li class="interlanguage-link interwiki-lt mw-list-item"><a href="https://lt.wikipedia.org/wiki/Startuolis" title="Startuolis – Lithuanian" lang="lt" hreflang="lt" data-title="Startuolis" data-language-autonym="Lietuvių" data-language-local-name="Lithuanian" class="interlanguage-link-target"><span>Lietuvių</span></a></li><li class="interlanguage-link interwiki-hu mw-list-item"><a href="https://hu.wikipedia.org/wiki/Startup" title="Startup – Hungarian" lang="hu" hreflang="hu" data-title="Startup" data-language-autonym="Magyar" data-language-local-name="Hungarian" class="interlanguage-link-target"><span>Magyar</span></a></li><li class="interlanguage-link interwiki-ml mw-list-item"><a href="https://ml.wikipedia.org/wiki/%E0%B4%B8%E0%B5%8D%E0%B4%B1%E0%B5%8D%E0%B4%B1%E0%B4%BE%E0%B5%BC%E0%B4%9F%E0%B5%8D%E0%B4%9F%E0%B4%AA%E0%B5%8D%E0%B4%AA%E0%B5%8D_%E0%B4%95%E0%B4%AE%E0%B5%8D%E0%B4%AA%E0%B4%A8%E0%B4%BF" title="സ്റ്റാർട്ടപ്പ് കമ്പനി – Malayalam" lang="ml" hreflang="ml" data-title="സ്റ്റാർട്ടപ്പ് കമ്പനി" data-language-autonym="മലയാളം" data-language-local-name="Malayalam" class="interlanguage-link-target"><span>മലയാളം</span></a></li><li class="interlanguage-link interwiki-ms mw-list-item"><a href="https://ms.wikipedia.org/wiki/Syarikat_rintisan" title="Syarikat rintisan – Malay" lang="ms" hreflang="ms" data-title="Syarikat rintisan" data-language-autonym="Bahasa Melayu" data-language-local-name="Malay" class="interlanguage-link-target"><span>Bahasa Melayu</span></a></li><li class="interlanguage-link interwiki-min mw-list-item"><a href="https://min.wikipedia.org/wiki/Parusahaan_rintisan" title="Parusahaan rintisan – Minangkabau" lang="min" hreflang="min" data-title="Parusahaan rintisan" data-language-autonym="Minangkabau" data-language-local-name="Minangkabau" class="interlanguage-link-target"><span>Minangkabau</span></a></li><li class="interlanguage-link interwiki-mn mw-list-item"><a href="https://mn.wikipedia.org/wiki/%D0%93%D0%B0%D1%80%D0%B0%D0%B0%D0%BD%D1%8B_%D0%B1%D0%B8%D0%B7%D0%BD%D0%B5%D1%81" title="Гарааны бизнес – Mongolian" lang="mn" hreflang="mn" data-title="Гарааны бизнес" data-language-autonym="Монгол" data-language-local-name="Mongolian" class="interlanguage-link-target"><span>Монгол</span></a></li><li class="interlanguage-link interwiki-nl mw-list-item"><a href="https://nl.wikipedia.org/wiki/Start-up_(onderneming)" title="Start-up (onderneming) – Dutch" lang="nl" hreflang="nl" data-title="Start-up (onderneming)" data-language-autonym="Nederlands" data-language-local-name="Dutch" class="interlanguage-link-target"><span>Nederlands</span></a></li><li class="interlanguage-link interwiki-ja mw-list-item"><a href="https://ja.wikipedia.org/wiki/%E3%83%99%E3%83%B3%E3%83%81%E3%83%A3%E3%83%BC" title="ベンチャー – Japanese" lang="ja" hreflang="ja" data-title="ベンチャー" data-language-autonym="日本語" data-language-local-name="Japanese" class="interlanguage-link-target"><span>日本語</span></a></li><li class="interlanguage-link interwiki-km mw-list-item"><a href="https://km.wikipedia.org/wiki/%E1%9E%92%E1%9E%BB%E1%9E%9A%E1%9E%80%E1%9E%B7%E1%9E%85%E1%9F%92%E1%9E%85%E1%9E%90%E1%9F%92%E1%9E%98%E1%9E%B8" title="ធុរកិច្ចថ្មី – Khmer" lang="km" hreflang="km" data-title="ធុរកិច្ចថ្មី" data-language-autonym="ភាសាខ្មែរ" data-language-local-name="Khmer" class="interlanguage-link-target"><span>ភាសាខ្មែរ</span></a></li><li class="interlanguage-link interwiki-pl mw-list-item"><a href="https://pl.wikipedia.org/wiki/Startup_(organizacja)" title="Startup (organizacja) – Polish" lang="pl" hreflang="pl" data-title="Startup (organizacja)" data-language-autonym="Polski" data-language-local-name="Polish" class="interlanguage-link-target"><span>Polski</span></a></li><li class="interlanguage-link interwiki-pt mw-list-item"><a href="https://pt.wikipedia.org/wiki/Startup" title="Startup – Portuguese" lang="pt" hreflang="pt" data-title="Startup" data-language-autonym="Português" data-language-local-name="Portuguese" class="interlanguage-link-target"><span>Português</span></a></li><li class="interlanguage-link interwiki-kaa mw-list-item"><a href="https://kaa.wikipedia.org/wiki/Startap" title="Startap – Kara-Kalpak" lang="kaa" hreflang="kaa" data-title="Startap" data-language-autonym="Qaraqalpaqsha" data-language-local-name="Kara-Kalpak" class="interlanguage-link-target"><span>Qaraqalpaqsha</span></a></li><li class="interlanguage-link interwiki-ro mw-list-item"><a href="https://ro.wikipedia.org/wiki/Startup" title="Startup – Romanian" lang="ro" hreflang="ro" data-title="Startup" data-language-autonym="Română" data-language-local-name="Romanian" class="interlanguage-link-target"><span>Română</span></a></li><li class="interlanguage-link interwiki-ru mw-list-item"><a href="https://ru.wikipedia.org/wiki/%D0%A1%D1%82%D0%B0%D1%80%D1%82%D0%B0%D0%BF" title="Стартап – Russian" lang="ru" hreflang="ru" data-title="Стартап" data-language-autonym="Русский" data-language-local-name="Russian" class="interlanguage-link-target"><span>Русский</span></a></li><li class="interlanguage-link interwiki-sah mw-list-item"><a href="https://sah.wikipedia.org/wiki/%D0%A1%D1%82%D0%B0%D1%80%D1%82%D0%B0%D0%BF" title="Стартап – Yakut" lang="sah" hreflang="sah" data-title="Стартап" data-language-autonym="Саха тыла" data-language-local-name="Yakut" class="interlanguage-link-target"><span>Саха тыла</span></a></li><li class="interlanguage-link interwiki-sc mw-list-item"><a href="https://sc.wikipedia.org/wiki/Startup" title="Startup – Sardinian" lang="sc" hreflang="sc" data-title="Startup" data-language-autonym="Sardu" data-language-local-name="Sardinian" class="interlanguage-link-target"><span>Sardu</span></a></li><li class="interlanguage-link interwiki-si mw-list-item"><a href="https://si.wikipedia.org/wiki/%E0%B6%86%E0%B6%BB%E0%B6%B8%E0%B7%8A%E0%B6%B7%E0%B6%9A_%E0%B7%83%E0%B6%B8%E0%B7%8F%E0%B6%9C%E0%B6%B8" title="ආරම්භක සමාගම – Sinhala" lang="si" hreflang="si" data-title="ආරම්භක සමාගම" data-language-autonym="සිංහල" data-language-local-name="Sinhala" class="interlanguage-link-target"><span>සිංහල</span></a></li><li class="interlanguage-link interwiki-simple mw-list-item"><a href="https://simple.wikipedia.org/wiki/Startup_company" title="Startup company – Simple English" lang="en-simple" hreflang="en-simple" data-title="Startup company" data-language-autonym="Simple English" data-language-local-name="Simple English" class="interlanguage-link-target"><span>Simple English</span></a></li><li class="interlanguage-link interwiki-sk mw-list-item"><a href="https://sk.wikipedia.org/wiki/Startup" title="Startup – Slovak" lang="sk" hreflang="sk" data-title="Startup" data-language-autonym="Slovenčina" data-language-local-name="Slovak" class="interlanguage-link-target"><span>Slovenčina</span></a></li><li class="interlanguage-link interwiki-sl mw-list-item"><a href="https://sl.wikipedia.org/wiki/Zagonsko_podjetje" title="Zagonsko podjetje – Slovenian" lang="sl" hreflang="sl" data-title="Zagonsko podjetje" data-language-autonym="Slovenščina" data-language-local-name="Slovenian" class="interlanguage-link-target"><span>Slovenščina</span></a></li><li class="interlanguage-link interwiki-sr mw-list-item"><a href="https://sr.wikipedia.org/wiki/%D0%A1%D1%82%D0%B0%D1%80%D1%82%D0%B0%D0%BF_%D0%BF%D1%80%D0%B5%D0%B4%D1%83%D0%B7%D0%B5%D1%9B%D0%B5" title="Стартап предузеће – Serbian" lang="sr" hreflang="sr" data-title="Стартап предузеће" data-language-autonym="Српски / srpski" data-language-local-name="Serbian" class="interlanguage-link-target"><span>Српски / srpski</span></a></li><li class="interlanguage-link interwiki-sh mw-list-item"><a href="https://sh.wikipedia.org/wiki/Start-up_kompanija" title="Start-up kompanija – Serbo-Croatian" lang="sh" hreflang="sh" data-title="Start-up kompanija" data-language-autonym="Srpskohrvatski / српскохрватски" data-language-local-name="Serbo-Croatian" class="interlanguage-link-target"><span>Srpskohrvatski / српскохрватски</span></a></li><li class="interlanguage-link interwiki-fi mw-list-item"><a href="https://fi.wikipedia.org/wiki/Startup-yritys" title="Startup-yritys – Finnish" lang="fi" hreflang="fi" data-title="Startup-yritys" data-language-autonym="Suomi" data-language-local-name="Finnish" class="interlanguage-link-target"><span>Suomi</span></a></li><li class="interlanguage-link interwiki-sv mw-list-item"><a href="https://sv.wikipedia.org/wiki/Uppstartsbolag" title="Uppstartsbolag – Swedish" lang="sv" hreflang="sv" data-title="Uppstartsbolag" data-language-autonym="Svenska" data-language-local-name="Swedish" class="interlanguage-link-target"><span>Svenska</span></a></li><li class="interlanguage-link interwiki-ta mw-list-item"><a href="https://ta.wikipedia.org/wiki/%E0%AE%A4%E0%AF%8A%E0%AE%9F%E0%AE%95%E0%AF%8D%E0%AE%95%E0%AE%A8%E0%AE%BF%E0%AE%B2%E0%AF%88_%E0%AE%B5%E0%AE%A3%E0%AE%BF%E0%AE%95%E0%AE%AE%E0%AF%8D" title="தொடக்கநிலை வணிகம் – Tamil" lang="ta" hreflang="ta" data-title="தொடக்கநிலை வணிகம்" data-language-autonym="தமிழ்" data-language-local-name="Tamil" class="interlanguage-link-target"><span>தமிழ்</span></a></li><li class="interlanguage-link interwiki-te mw-list-item"><a href="https://te.wikipedia.org/wiki/%E0%B0%B8%E0%B1%8D%E0%B0%9F%E0%B0%BE%E0%B0%B0%E0%B1%8D%E0%B0%9F%E0%B0%AA%E0%B1%8D_%E0%B0%95%E0%B0%82%E0%B0%AA%E0%B1%86%E0%B0%A8%E0%B1%80" title="స్టార్టప్ కంపెనీ – Telugu" lang="te" hreflang="te" data-title="స్టార్టప్ కంపెనీ" data-language-autonym="తెలుగు" data-language-local-name="Telugu" class="interlanguage-link-target"><span>తెలుగు</span></a></li><li class="interlanguage-link interwiki-th mw-list-item"><a href="https://th.wikipedia.org/wiki/%E0%B8%A7%E0%B8%B4%E0%B8%AA%E0%B8%B2%E0%B8%AB%E0%B8%81%E0%B8%B4%E0%B8%88%E0%B9%80%E0%B8%A3%E0%B8%B4%E0%B9%88%E0%B8%A1%E0%B8%95%E0%B9%89%E0%B8%99" title="วิสาหกิจเริ่มต้น – Thai" lang="th" hreflang="th" data-title="วิสาหกิจเริ่มต้น" data-language-autonym="ไทย" data-language-local-name="Thai" class="interlanguage-link-target"><span>ไทย</span></a></li><li class="interlanguage-link interwiki-tr mw-list-item"><a href="https://tr.wikipedia.org/wiki/Giri%C5%9Fim_%C5%9Firketi" title="Girişim şirketi – Turkish" lang="tr" hreflang="tr" data-title="Girişim şirketi" data-language-autonym="Türkçe" data-language-local-name="Turkish" class="interlanguage-link-target"><span>Türkçe</span></a></li><li class="interlanguage-link interwiki-uk mw-list-item"><a href="https://uk.wikipedia.org/wiki/%D0%A1%D1%82%D0%B0%D1%80%D1%82%D0%B0%D0%BF" title="Стартап – Ukrainian" lang="uk" hreflang="uk" data-title="Стартап" data-language-autonym="Українська" data-language-local-name="Ukrainian" class="interlanguage-link-target"><span>Українська</span></a></li><li class="interlanguage-link interwiki-vi mw-list-item"><a href="https://vi.wikipedia.org/wiki/Kh%E1%BB%9Fi_nghi%E1%BB%87p" title="Khởi nghiệp – Vietnamese" lang="vi" hreflang="vi" data-title="Khởi nghiệp" data-language-autonym="Tiếng Việt" data-language-local-name="Vietnamese" class="interlanguage-link-target"><span>Tiếng Việt</span></a></li><li class="interlanguage-link interwiki-zh mw-list-item"><a href="https://zh.wikipedia.org/wiki/%E5%88%9D%E5%88%9B%E4%BC%81%E4%B8%9A" title="初创企业 – Chinese" lang="zh" hreflang="zh" data-title="初创企业" data-language-autonym="中文" data-language-local-name="Chinese" class="interlanguage-link-target"><span>中文</span></a></li><li class="interlanguage-link interwiki-bew mw-list-item"><a href="https://bew.wikipedia.org/wiki/Matskep%C3%A9_bikinan_anyar" title="Matskepé bikinan anyar – Betawi" lang="bew" hreflang="bew" data-title="Matskepé bikinan anyar" data-language-autonym="Betawi" data-language-local-name="Betawi" class="interlanguage-link-target"><span>Betawi</span></a></li> </ul> <div class="after-portlet after-portlet-lang"><span class="wb-langlinks-edit wb-langlinks-link"><a href="https://www.wikidata.org/wiki/Special:EntityPage/Q129238#sitelinks-wikipedia" title="Edit interlanguage links" class="wbc-editpage">Edit links</a></span></div> </div> </div> </div> </header> <div class="vector-page-toolbar"> <div class="vector-page-toolbar-container"> <div id="left-navigation"> <nav aria-label="Namespaces"> <div id="p-associated-pages" class="vector-menu vector-menu-tabs mw-portlet mw-portlet-associated-pages" > <div class="vector-menu-content"> <ul class="vector-menu-content-list"> <li id="ca-nstab-main" class="selected vector-tab-noicon mw-list-item"><a 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For other uses, see <a href="/wiki/Startup_(disambiguation)" class="mw-disambig" title="Startup (disambiguation)">Startup (disambiguation)</a>.</div> <p>A <b>startup</b> or <b>start-up</b> is a company or project undertaken by an <a href="/wiki/Entrepreneurship" title="Entrepreneurship">entrepreneur</a> to seek, develop, and validate a scalable <a href="/wiki/Business_model" title="Business model">business model</a>.<sup id="cite_ref-1" class="reference"><a href="#cite_note-1"><span class="cite-bracket">[</span>1<span class="cite-bracket">]</span></a></sup><sup id="cite_ref-moves_2-0" class="reference"><a href="#cite_note-moves-2"><span class="cite-bracket">[</span>2<span class="cite-bracket">]</span></a></sup> While <a href="/wiki/Entrepreneurship" title="Entrepreneurship">entrepreneurship</a> includes all new businesses including self-employment and businesses that do not intend to <a href="/wiki/Initial_public_offering" title="Initial public offering">go public</a>, startups are new businesses that intend to grow large beyond the solo-founder.<sup id="cite_ref-3" class="reference"><a href="#cite_note-3"><span class="cite-bracket">[</span>3<span class="cite-bracket">]</span></a></sup> During the beginning, startups face high uncertainty<sup id="cite_ref-:4_4-0" class="reference"><a href="#cite_note-:4-4"><span class="cite-bracket">[</span>4<span class="cite-bracket">]</span></a></sup> and have high rates of failure, but a minority of them do go on to become successful and influential, such as <a href="/wiki/Unicorn_(finance)" title="Unicorn (finance)">unicorns</a>.<sup id="cite_ref-Griffith2014_5-0" class="reference"><a href="#cite_note-Griffith2014-5"><span class="cite-bracket">[</span>5<span class="cite-bracket">]</span></a></sup> </p> <meta property="mw:PageProp/toc" /> <div class="mw-heading mw-heading2"><h2 id="Actions">Actions</h2><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Startup_company&action=edit&section=1" title="Edit section: Actions"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <p>Startups typically begin by a founder (solo-founder) or co-founders who have a way to solve a problem. The founder of a startup will do the market validation by problem interview, solution interview, and building a <a href="/wiki/Minimum_viable_product" title="Minimum viable product">minimum viable product</a> (MVP), i.e. a <a href="/wiki/Prototype" title="Prototype">prototype</a>, to develop and validate their business models. The startup process can take a long period of time; hence, sustaining effort is required. Over the long term, sustaining effort is especially challenging because of the high failure rates and uncertain outcomes.<sup id="cite_ref-6" class="reference"><a href="#cite_note-6"><span class="cite-bracket">[</span>6<span class="cite-bracket">]</span></a></sup> Having a business plan in place outlines what to do and how to plan and achieve an idea in the future. Typically, these plans outline the first three to five years of your business strategy.<sup id="cite_ref-7" class="reference"><a href="#cite_note-7"><span class="cite-bracket">[</span>7<span class="cite-bracket">]</span></a></sup> </p> <div class="mw-heading mw-heading3"><h3 id="Design_principles">Design principles</h3><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Startup_company&action=edit&section=2" title="Edit section: Design principles"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <p>Models behind startups presenting as ventures are usually associated with <a href="/wiki/Design_science" title="Design science">design science</a>. Design science uses design principles considered to be a coherent set of normative ideas and propositions to design and construct the company's backbone.<sup id="cite_ref-8" class="reference"><a href="#cite_note-8"><span class="cite-bracket">[</span>8<span class="cite-bracket">]</span></a></sup> For example, one of the initial design principles is affordable loss.<sup id="cite_ref-9" class="reference"><a href="#cite_note-9"><span class="cite-bracket">[</span>9<span class="cite-bracket">]</span></a></sup> </p> <div class="mw-heading mw-heading3"><h3 id="Heuristics_and_biases_in_startup_actions">Heuristics and biases in startup actions</h3><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Startup_company&action=edit&section=3" title="Edit section: Heuristics and biases in startup actions"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <p>Because of the lack of information, high uncertainty, and the need to make decisions quickly, founders usually use many <a href="/wiki/Heuristic" title="Heuristic">heuristics</a> and exhibit <a href="/wiki/List_of_cognitive_biases" title="List of cognitive biases">biases</a> in their leadership decisions.<sup id="cite_ref-:1_10-0" class="reference"><a href="#cite_note-:1-10"><span class="cite-bracket">[</span>10<span class="cite-bracket">]</span></a></sup> </p><p>Entrepreneurs often become overconfident about their startups and their influence on an outcome (case of <i>the illusion of control</i>). Below are some of the most critical decision biases of entrepreneurs to start up a new business.<sup id="cite_ref-:1_10-1" class="reference"><a href="#cite_note-:1-10"><span class="cite-bracket">[</span>10<span class="cite-bracket">]</span></a></sup> </p> <ol><li><b><a href="/wiki/Overconfidence_effect" title="Overconfidence effect">Overconfidence</a>:</b> Perceive a subjective certainty higher than the objective accuracy.</li> <li><b><a href="/wiki/Illusion_of_control" title="Illusion of control">Illusion of control</a>:</b> Overemphasize how much skills, instead of chance, improve performance.</li> <li><b>The <a href="/wiki/Hasty_generalization" class="mw-redirect" title="Hasty generalization">law of small numbers</a>:</b> Reach conclusions about a larger population using a limited sample.</li> <li><b><a href="/wiki/Availability_bias" class="mw-redirect" title="Availability bias">Availability bias</a>:</b> Make judgments about the probability of events based on how easy it is to think of examples.</li> <li><b><a href="/wiki/Escalation_of_commitment" title="Escalation of commitment">Escalation of commitment</a>:</b> Persist unduly with unsuccessful initiatives or courses of action.</li></ol> <p>Startups use several action principles to generate evidence as quickly as possible to reduce the downside effect of decision biases such as an escalation of commitment, overconfidence, and the illusion of control. </p> <div class="mw-heading mw-heading3"><h3 id="Mentoring">Mentoring</h3><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Startup_company&action=edit&section=4" title="Edit section: Mentoring"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <p>Many entrepreneurs seek feedback from <a href="/wiki/Mentorship" title="Mentorship">mentors</a> in creating their startups. Mentors guide founders and impart entrepreneurial skills and may increase the <a href="/wiki/Self-efficacy" title="Self-efficacy">self-efficacy</a> of nascent entrepreneurs.<sup id="cite_ref-11" class="reference"><a href="#cite_note-11"><span class="cite-bracket">[</span>11<span class="cite-bracket">]</span></a></sup> Mentoring offers direction for entrepreneurs to enhance their knowledge of how to sustain their assets relating to their status and identity and strengthen their real-time skills.<sup id="cite_ref-12" class="reference"><a href="#cite_note-12"><span class="cite-bracket">[</span>12<span class="cite-bracket">]</span></a></sup> </p> <div class="mw-heading mw-heading2"><h2 id="Principles">Principles</h2><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Startup_company&action=edit&section=5" title="Edit section: Principles"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <p>There are many principles in creating a startup. Some of the principles needed are listed below: </p> <div class="mw-heading mw-heading3"><h3 id="Lean_startup">Lean startup</h3><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Startup_company&action=edit&section=6" title="Edit section: Lean startup"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <p>Lean startup is a clear set of principles to create and design startups under limited resources and tremendous uncertainty to build their ventures more flexibly and at a lower cost. It is based on the idea that entrepreneurs can make their implicit assumptions about how their venture works explicit and empirically testing it.<sup id="cite_ref-:5_13-0" class="reference"><a href="#cite_note-:5-13"><span class="cite-bracket">[</span>13<span class="cite-bracket">]</span></a></sup> The empirical test is to de/validate these assumptions and to get an engaged understanding of the business model of the new ventures, and in doing so, the new ventures are created iteratively in a build–measure–learn loop. Hence, lean startup is a set of principles for entrepreneurial learning and business model design. More precisely, it is a set of design principles aimed for iteratively experiential learning under uncertainty in an engaged empirical manner. Typically, a lean startup focuses on a few lean principles: </p> <ul><li>find a problem worth solving, then define a solution</li> <li>engage early adopters for market validation</li> <li>continually test with smaller, faster iterations</li> <li>build a function, measure customer response, and verify/refute the idea</li> <li>evidence-based decisions on when to pivot by changing your plan's course</li> <li>maximize the efforts for speed, learning, and focus</li></ul> <div class="mw-heading mw-heading3"><h3 id="Market_validation">Market validation</h3><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Startup_company&action=edit&section=7" title="Edit section: Market validation"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <p>A key principle of startup is to validate the market need before providing a customer-centric product or service to avoid business ideas with weak demand.<sup id="cite_ref-14" class="reference"><a href="#cite_note-14"><span class="cite-bracket">[</span>14<span class="cite-bracket">]</span></a></sup> Market validation can be done in a number of ways, including surveys, cold calling, email responses, word of mouth or through sample research.<sup id="cite_ref-15" class="reference"><a href="#cite_note-15"><span class="cite-bracket">[</span>15<span class="cite-bracket">]</span></a></sup> </p> <div class="mw-heading mw-heading3"><h3 id="Design_thinking">Design thinking</h3><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Startup_company&action=edit&section=8" title="Edit section: Design thinking"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <p>Design thinking is used to understand the customers' need in an engaged manner. Design thinking and customer development can be biased because they do not remove the risk of bias because the same biases manifest in the sources of information, the type of information sought, and the interpretation of that information.<sup id="cite_ref-16" class="reference"><a href="#cite_note-16"><span class="cite-bracket">[</span>16<span class="cite-bracket">]</span></a></sup> Encouraging people to consider the opposite of whatever decision they are about to make tends to reduce biases such as overconfidence, the <a href="/wiki/Hindsight_bias" title="Hindsight bias">hindsight bias</a>, and anchoring.<sup id="cite_ref-17" class="reference"><a href="#cite_note-17"><span class="cite-bracket">[</span>17<span class="cite-bracket">]</span></a></sup><sup id="cite_ref-18" class="reference"><a href="#cite_note-18"><span class="cite-bracket">[</span>18<span class="cite-bracket">]</span></a></sup> </p> <div class="mw-heading mw-heading3"><h3 id="Decision-making_under_uncertainty">Decision-making under uncertainty</h3><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Startup_company&action=edit&section=9" title="Edit section: Decision-making under uncertainty"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <p>In startups, many decisions are made under uncertainty,<sup id="cite_ref-:4_4-1" class="reference"><a href="#cite_note-:4-4"><span class="cite-bracket">[</span>4<span class="cite-bracket">]</span></a></sup> and hence a key principle for startups is to be agile and flexible. Founders can embed options to design startups in flexible manners, so that the startups can change easily in future. </p><p>Uncertainty can vary within-person (I feel more uncertain this year than last year) and between-person (he feels more uncertain than she does). A study found that when entrepreneurs feel more uncertain, they identify more opportunities (within-person difference), but entrepreneurs who perceive more uncertainties than others do not identify more opportunities than others do (no between-person difference).<sup id="cite_ref-:4_4-2" class="reference"><a href="#cite_note-:4-4"><span class="cite-bracket">[</span>4<span class="cite-bracket">]</span></a></sup> </p> <div class="mw-heading mw-heading3"><h3 id="Partnering">Partnering</h3><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Startup_company&action=edit&section=10" title="Edit section: Partnering"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <p>Startups may form partnerships with other firms to enable their business model to operate.<sup id="cite_ref-19" class="reference"><a href="#cite_note-19"><span class="cite-bracket">[</span>19<span class="cite-bracket">]</span></a></sup> To become attractive to other businesses, startups need to align their internal features, such as management style and products with the market situation. In their 2013 study, Kask and Linton develop two ideal profiles, or also known as configurations or archetypes, for startups that are commercializing inventions. The <i>inheritor</i> profile calls for a management style that is not too entrepreneurial (more conservative) and the startup should have an incremental invention (building on a previous standard). This profile is set out to be more successful (in finding a business partner) in a market with a dominant design (a clear standard is applied in this market). In contrast to this, profile is the <i>originator</i> which has a management style that is highly entrepreneurial and in which a radical invention or a <a href="/wiki/Disruptive_innovation" title="Disruptive innovation">disruptive innovation</a> (totally new standard) is being developed. This profile is set out to be more successful (in finding a business partner) in a market that does not have a dominant design (established standard). New startups should align themselves to one of the profiles when commercializing an invention to be able to find and be attractive to a business partner. By finding a business partner, a startup has greater chances of success.<sup id="cite_ref-20" class="reference"><a href="#cite_note-20"><span class="cite-bracket">[</span>20<span class="cite-bracket">]</span></a></sup> </p><p>Startups usually need many different partners to realize their business idea. The commercialization process is often a bumpy road with iterations and new insights during the process. Hasche and Linton<sup id="cite_ref-:3_21-0" class="reference"><a href="#cite_note-:3-21"><span class="cite-bracket">[</span>21<span class="cite-bracket">]</span></a></sup> argue that startups can learn from their relationships with other firms, and even if the relationship ends, the startup will have gained valuable knowledge about how it should move on going forward. When a relationship is failing for a startup it needs to make changes. Three types of changes can be identified according to Hasche and Linton:<sup id="cite_ref-:3_21-1" class="reference"><a href="#cite_note-:3-21"><span class="cite-bracket">[</span>21<span class="cite-bracket">]</span></a></sup> </p> <ul><li>Change of business concept for the start up</li> <li>Change of collaboration constellation (change several relationships)</li> <li>Change of characteristic of business relationship (with the partner, e.g. from a transactional relationship to more of a collaborative type of relationship)</li></ul> <div class="mw-heading mw-heading3"><h3 id="Entrepreneurial_learning">Entrepreneurial learning</h3><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Startup_company&action=edit&section=11" title="Edit section: Entrepreneurial learning"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1236090951"><div role="note" class="hatnote navigation-not-searchable">See also: <a href="/wiki/Validated_learning" title="Validated learning">Validated learning</a></div> <p>Startups need to learn at a huge speed before running out of resources. Proactive actions (experimentation, searching, etc.) enhance a founder's learning to start a company.<sup id="cite_ref-22" class="reference"><a href="#cite_note-22"><span class="cite-bracket">[</span>22<span class="cite-bracket">]</span></a></sup> To learn effectively, founders often formulate <a href="/wiki/Falsifiability" title="Falsifiability">falsifiable</a> <a href="/wiki/Hypothesis" title="Hypothesis">hypotheses</a>, build a minimum viable product (MVP), and conduct <a href="/wiki/A/B_testing" title="A/B testing">A/B testing</a>. </p> <div class="mw-heading mw-heading3"><h3 id="Business_Model_Design">Business Model Design</h3><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Startup_company&action=edit&section=12" title="Edit section: Business Model Design"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <p>With the key learnings from market validation, design thinking, and lean startup, founders can design a business model. However it's important not to dive into business models too early before there is sufficient learning on market validation. Paul Graham said: "What I tell founders is not to sweat the business model too much at first. The most important task at first is to build something people want. If you don't do that, it won't matter how clever your business model is."<sup id="cite_ref-23" class="reference"><a href="#cite_note-23"><span class="cite-bracket">[</span>23<span class="cite-bracket">]</span></a></sup> </p> <div class="mw-heading mw-heading2"><h2 id="Founders/entrepreneurs"><span id="Founders.2Fentrepreneurs"></span>Founders/entrepreneurs</h2><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Startup_company&action=edit&section=13" title="Edit section: Founders/entrepreneurs"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1236090951"><div role="note" class="hatnote navigation-not-searchable">Main article: <a href="/wiki/Organizational_founder" title="Organizational founder">Organizational founder</a></div> <p>Founders or co-founders are people involved in the initial launch of startup companies. Three people are mainly required as co-founders to create a powerful team: the product person (e.g. an engineer), a marketing person (for <a href="/wiki/Market_research" title="Market research">market research</a>, customer interaction, vision) and a finance or operation's person (to handle operations or raise funds). </p><p>The founder that is responsible for the overall strategy of the startup plays the role of founder-CEOs, much like CEOs in established firms. Startup studios provide an opportunity for founders and team members to grow along with the business they help to build. In order to create forward momentum, founders must ensure that they provide opportunities for their team members to grow and evolve within the company.<sup id="cite_ref-24" class="reference"><a href="#cite_note-24"><span class="cite-bracket">[</span>24<span class="cite-bracket">]</span></a></sup> </p><p>The language of <a href="/wiki/Securities_regulation_in_the_United_States" class="mw-redirect" title="Securities regulation in the United States">securities regulation in the United States</a> considers co-founders to be promoters under <a href="/wiki/Regulation_D_(SEC)" title="Regulation D (SEC)">Regulation D</a>. The <a href="/wiki/U.S._Securities_and_Exchange_Commission" title="U.S. Securities and Exchange Commission">U.S. Securities and Exchange Commission</a> definition of promoter includes: (i) Any person who, acting alone or in conjunction with one or more other persons, directly or indirectly takes initiative in founding and organizing the business or enterprise of an issuer;<sup id="cite_ref-25" class="reference"><a href="#cite_note-25"><span class="cite-bracket">[</span>25<span class="cite-bracket">]</span></a></sup> However, not every promoter is a co-founder. In fact, there is no formal, legal definition of what makes somebody a co-founder.<sup id="cite_ref-26" class="reference"><a href="#cite_note-26"><span class="cite-bracket">[</span>26<span class="cite-bracket">]</span></a></sup><sup id="cite_ref-27" class="reference"><a href="#cite_note-27"><span class="cite-bracket">[</span>27<span class="cite-bracket">]</span></a></sup><sup id="cite_ref-28" class="reference"><a href="#cite_note-28"><span class="cite-bracket">[</span>28<span class="cite-bracket">]</span></a></sup> The right to call oneself a co-founder can be established through an agreement with one's fellow co-founders or with permission of the board of directors, investors, or shareholders of a startup company. When there is no definitive agreement (like <a href="/wiki/Shareholders%27_agreement" title="Shareholders' agreement">shareholders' agreement</a>), disputes about who the co-founders are, can arise. </p> <div class="mw-heading mw-heading3"><h3 id="Self-efficacy">Self-efficacy</h3><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Startup_company&action=edit&section=14" title="Edit section: Self-efficacy"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <p>Self-efficacy refers to the confidence an individual has to create a new business or startup. It has a strong relation with startup actions.<sup id="cite_ref-29" class="reference"><a href="#cite_note-29"><span class="cite-bracket">[</span>29<span class="cite-bracket">]</span></a></sup> Entrepreneurs' sense of self-efficacy can play a major role in how they approach goals, tasks, and challenges. Entrepreneurs with high self-efficacy—that is, those who believe they can perform well—are more likely to view difficult tasks as something to be mastered rather than something to be avoided. </p> <div class="mw-heading mw-heading3"><h3 id="Stress">Stress</h3><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Startup_company&action=edit&section=15" title="Edit section: Stress"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <style data-mw-deduplicate="TemplateStyles:r1224211176">.mw-parser-output .quotebox{background-color:#F9F9F9;border:1px solid #aaa;box-sizing:border-box;padding:10px;font-size:88%;max-width:100%}.mw-parser-output .quotebox.floatleft{margin:.5em 1.4em .8em 0}.mw-parser-output .quotebox.floatright{margin:.5em 0 .8em 1.4em}.mw-parser-output .quotebox.centered{overflow:hidden;position:relative;margin:.5em auto .8em auto}.mw-parser-output .quotebox.floatleft span,.mw-parser-output .quotebox.floatright span{font-style:inherit}.mw-parser-output .quotebox>blockquote{margin:0;padding:0;border-left:0;font-family:inherit;font-size:inherit}.mw-parser-output .quotebox-title{text-align:center;font-size:110%;font-weight:bold}.mw-parser-output .quotebox-quote>:first-child{margin-top:0}.mw-parser-output .quotebox-quote:last-child>:last-child{margin-bottom:0}.mw-parser-output .quotebox-quote.quoted:before{font-family:"Times New Roman",serif;font-weight:bold;font-size:large;color:gray;content:" “ ";vertical-align:-45%;line-height:0}.mw-parser-output .quotebox-quote.quoted:after{font-family:"Times New Roman",serif;font-weight:bold;font-size:large;color:gray;content:" ” ";line-height:0}.mw-parser-output .quotebox .left-aligned{text-align:left}.mw-parser-output .quotebox .right-aligned{text-align:right}.mw-parser-output .quotebox .center-aligned{text-align:center}.mw-parser-output .quotebox .quote-title,.mw-parser-output .quotebox .quotebox-quote{display:block}.mw-parser-output .quotebox cite{display:block;font-style:normal}@media screen and (max-width:640px){.mw-parser-output .quotebox{width:100%!important;margin:0 0 .8em!important;float:none!important}}</style><div class="quotebox pullquote floatleft" style="width:25em; ;"> <blockquote class="quotebox-quote left-aligned" style=""> <p>Startups are pressure cookers. Don't let the casual dress and playful office environment fool you. New enterprises operate under do-or-die conditions. If you do not roll out a useable product or service in a timely fashion, the company will fail. Bye-bye paycheck, hello eviction. </p> </blockquote> <p style="padding-bottom: 0;"><cite class="left-aligned" style="">Iman Jalali, chief of staff at ContextMedia<sup id="cite_ref-30" class="reference"><a href="#cite_note-30"><span class="cite-bracket">[</span>30<span class="cite-bracket">]</span></a></sup><sup class="noprint Inline-Template" style="white-space:nowrap;">[<i><a href="/wiki/Wikipedia:Reliable_sources" title="Wikipedia:Reliable sources"><span title="The material near this tag may rely on an unreliable source. (November 2019)">unreliable source?</span></a></i>]</sup></cite></p> </div> <p>Entrepreneurs often feel stressed. They have internal and external pressures. Internally, they need to meet deadlines to develop the prototypes and get the product or service ready for market. Externally they are expected to meet milestones of investors and other stakeholders to ensure continued resources from them on the startups.<sup id="cite_ref-:0_31-0" class="reference"><a href="#cite_note-:0-31"><span class="cite-bracket">[</span>31<span class="cite-bracket">]</span></a></sup> Coping with stress is critical to entrepreneurs because of the stressful nature of starting up a new firm under uncertainty. Coping with stress unsuccessfully could lead to emotional exhaustion, and the founders may close or exit the startups. </p> <div class="mw-heading mw-heading3"><h3 id="Emotional_exhaustion">Emotional exhaustion</h3><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Startup_company&action=edit&section=16" title="Edit section: Emotional exhaustion"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <p>Sustaining effort is required as the startup process can take a long period of time, by one estimate, three years or longer.<sup id="cite_ref-32" class="reference"><a href="#cite_note-32"><span class="cite-bracket">[</span>32<span class="cite-bracket">]</span></a></sup> Sustaining effort over the long term is especially challenging because of the high failure rates and uncertain outcomes.<sup id="cite_ref-:0_31-1" class="reference"><a href="#cite_note-:0-31"><span class="cite-bracket">[</span>31<span class="cite-bracket">]</span></a></sup> </p> <div class="mw-heading mw-heading3"><h3 id="Founder_identity_and_culture">Founder identity and culture</h3><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Startup_company&action=edit&section=17" title="Edit section: Founder identity and culture"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <p>Some startup founders have a more casual or offbeat attitude in their dress, office space and <a href="/wiki/Marketing" title="Marketing">marketing</a>, as compared to executives in established corporations. For example, startup founders in the 2010s wore <a href="/wiki/Hoodie" title="Hoodie">hoodies</a>, <a href="/wiki/Sneakers" title="Sneakers">sneakers</a> and other casual clothes to business meetings. Their offices may have recreational facilities in them, such as pool tables, ping pong tables, football tables and <a href="/wiki/Pinball_machine" class="mw-redirect" title="Pinball machine">pinball machines</a>, which are used to create a fun work environment, stimulate team development and team spirit, and encourage creativity. Some of the casual approaches, such as the use of "flat" organizational structures, in which regular employees can talk with the founders and chief executive officers informally, are done to promote efficiency in the workplace, which is needed to get their business off the ground.<sup id="cite_ref-33" class="reference"><a href="#cite_note-33"><span class="cite-bracket">[</span>33<span class="cite-bracket">]</span></a></sup> </p><p>In a 1960 study, <a href="/wiki/Douglas_McGregor" title="Douglas McGregor">Douglas McGregor</a> stressed that punishments and rewards for uniformity in the workplace are not necessary because some people are born with the motivation to work without incentives.<sup id="cite_ref-34" class="reference"><a href="#cite_note-34"><span class="cite-bracket">[</span>34<span class="cite-bracket">]</span></a></sup> Some startups do not use a strict command and control hierarchical structure, with executives, managers, supervisors and employees. Some startups offer employees incentives such as <a href="/wiki/Employee_stock_option" title="Employee stock option">stock options</a>, to increase their "buy in" from the start up (as these employees stand to gain if the company does well). This removal of stressors allows the workers and researchers in the startup to focus less on the work environment around them, and more on achieving the task at hand, giving them the potential to achieve something great for both themselves and their company. </p> <div class="mw-heading mw-heading2"><h2 id="Failure">Failure</h2><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Startup_company&action=edit&section=18" title="Edit section: Failure"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <p>The failure rate of startup companies is very high. A 2014 article in <i><a href="/wiki/Fortune_(magazine)" title="Fortune (magazine)">Fortune</a></i> estimated that 90% of startups ultimately fail. In a sample of 101 unsuccessful startups, companies reported that experiencing one or more of five common factors were the reason for failure; the lack of consumer interest in the product or service (42% of failures), funding or cash problems (29%), personnel or staffing problems (23%), competition from rival companies (19%) and problems with pricing of the product or service (18%).<sup id="cite_ref-Griffith2014_5-1" class="reference"><a href="#cite_note-Griffith2014-5"><span class="cite-bracket">[</span>5<span class="cite-bracket">]</span></a></sup> In cases of funding problems, it can leave employees without paychecks. Sometimes, these companies are purchased by other companies if they are deemed to be viable, but oftentimes, they leave employees with very little recourse to recoup lost income for worked time.<sup id="cite_ref-35" class="reference"><a href="#cite_note-35"><span class="cite-bracket">[</span>35<span class="cite-bracket">]</span></a></sup> More than one-third of founders believe that running out of money led to failure. Second to that, founders attribute their failure to a lack of financing or investor interest. These common mistakes and missteps that happen early in the startup journey can result in failure, but there are precautions entrepreneurs can take to help mitigate risk. For example, startup studios offer a buffer against many of the obstacles that solo entrepreneurs face, such as funding and insufficient team structure, making them a good resource for startups in their earliest phases.<sup id="cite_ref-36" class="reference"><a href="#cite_note-36"><span class="cite-bracket">[</span>36<span class="cite-bracket">]</span></a></sup> Another large study of 160.000 failed companies, identified key factors such as a dysfunctional founding team, a poor business plan, or just a flawed product-market fit as examples of the primary sources of failure.<sup id="cite_ref-37" class="reference"><a href="#cite_note-37"><span class="cite-bracket">[</span>37<span class="cite-bracket">]</span></a></sup> </p><p>The lack of human and financial resources or even dedicated patent attorneys in the early stages of a startup makes it difficult to compete with larger companies, and likewise increases the time and reduces the probability of patent applications.<sup id="cite_ref-38" class="reference"><a href="#cite_note-38"><span class="cite-bracket">[</span>38<span class="cite-bracket">]</span></a></sup> </p> <div class="mw-heading mw-heading3"><h3 id="Re-starters">Re-starters</h3><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Startup_company&action=edit&section=19" title="Edit section: Re-starters"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <p>Failed entrepreneurs, or restarters, who after some time restart in the same sector with more or less the same activities, have an increased chance <sup id="cite_ref-39" class="reference"><a href="#cite_note-39"><span class="cite-bracket">[</span>39<span class="cite-bracket">]</span></a></sup> of becoming a better entrepreneur.<sup id="cite_ref-40" class="reference"><a href="#cite_note-40"><span class="cite-bracket">[</span>40<span class="cite-bracket">]</span></a></sup> However, some studies indicate that restarters are more heavily discouraged in Europe than in the US.<sup id="cite_ref-41" class="reference"><a href="#cite_note-41"><span class="cite-bracket">[</span>41<span class="cite-bracket">]</span></a></sup> </p> <div class="mw-heading mw-heading2"><h2 id="Training">Training</h2><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Startup_company&action=edit&section=20" title="Edit section: Training"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1236090951"><div role="note" class="hatnote navigation-not-searchable">See also: <a href="/wiki/Entrepreneurship_education" title="Entrepreneurship education">Entrepreneurship education</a></div> <p>Many institutions and universities provide training on startups. In the context of universities, some of the courses are entrepreneurship courses that also deal with the topic of startups, while other courses are specifically dedicated to startups. Startup courses are found both in traditional economic or business disciplines as well as the side of information technology disciplines. As startups are often focused on software, they are also occasionally taught while focusing on software development alongside the business aspects of a startup.<sup id="cite_ref-Chanin,_R._2018_pp._143-144_42-0" class="reference"><a href="#cite_note-Chanin,_R._2018_pp._143-144-42"><span class="cite-bracket">[</span>42<span class="cite-bracket">]</span></a></sup> </p><p>Founders go through a lot to set up a startup. A startup requires patience and resilience, and training programs need to have both the business components and the psychological components.<sup id="cite_ref-:2_43-0" class="reference"><a href="#cite_note-:2-43"><span class="cite-bracket">[</span>43<span class="cite-bracket">]</span></a></sup> Entrepreneurship education is effective in increasing the entrepreneurial attitudes and perceived behavioral control,<sup id="cite_ref-44" class="reference"><a href="#cite_note-44"><span class="cite-bracket">[</span>44<span class="cite-bracket">]</span></a></sup> helping people and their businesses grow.<sup id="cite_ref-:2_43-1" class="reference"><a href="#cite_note-:2-43"><span class="cite-bracket">[</span>43<span class="cite-bracket">]</span></a></sup> Most of startup training falls into the mode of experiential learning,<sup id="cite_ref-45" class="reference"><a href="#cite_note-45"><span class="cite-bracket">[</span>45<span class="cite-bracket">]</span></a></sup><sup id="cite_ref-46" class="reference"><a href="#cite_note-46"><span class="cite-bracket">[</span>46<span class="cite-bracket">]</span></a></sup> in which students are exposed to a large extent to a real-life entrepreneurship context as new venture teams.<sup id="cite_ref-47" class="reference"><a href="#cite_note-47"><span class="cite-bracket">[</span>47<span class="cite-bracket">]</span></a></sup><sup id="cite_ref-:5_13-1" class="reference"><a href="#cite_note-:5-13"><span class="cite-bracket">[</span>13<span class="cite-bracket">]</span></a></sup> An example of group-based experiential startup training is the Lean LaunchPad initiative that applies the principles of customer development<sup id="cite_ref-48" class="reference"><a href="#cite_note-48"><span class="cite-bracket">[</span>48<span class="cite-bracket">]</span></a></sup> and Lean Startup<sup id="cite_ref-49" class="reference"><a href="#cite_note-49"><span class="cite-bracket">[</span>49<span class="cite-bracket">]</span></a></sup> to technology-based startup projects. </p><p>As startups are typically thought to operate under a notable lack of resources,<sup id="cite_ref-50" class="reference"><a href="#cite_note-50"><span class="cite-bracket">[</span>50<span class="cite-bracket">]</span></a></sup> have little or no operating history,<sup id="cite_ref-51" class="reference"><a href="#cite_note-51"><span class="cite-bracket">[</span>51<span class="cite-bracket">]</span></a></sup> and to consist of individuals with little practical experience,<sup id="cite_ref-52" class="reference"><a href="#cite_note-52"><span class="cite-bracket">[</span>52<span class="cite-bracket">]</span></a></sup><sup id="cite_ref-53" class="reference"><a href="#cite_note-53"><span class="cite-bracket">[</span>53<span class="cite-bracket">]</span></a></sup> it is possible to simulate startups in a classroom setting with reasonable accuracy. In fact, it is not uncommon for students to actually participate in real startups during and after their studies. Similarly, university courses teaching software startup themes often have students found mock-up startups during the courses and encourage them to make them into real startups should they wish to do so.<sup id="cite_ref-Chanin,_R._2018_pp._143-144_42-1" class="reference"><a href="#cite_note-Chanin,_R._2018_pp._143-144-42"><span class="cite-bracket">[</span>42<span class="cite-bracket">]</span></a></sup> Such mock-up startups, however, may not be enough to accurately simulate real-world startup practice if the challenges typically faced by startups (e.g. lack of funding to keep operating) are not present in the course setting.<sup id="cite_ref-54" class="reference"><a href="#cite_note-54"><span class="cite-bracket">[</span>54<span class="cite-bracket">]</span></a></sup> </p><p>To date, much of the entrepreneurship training is yet to be personalized to match the participants and the training. </p> <div class="mw-heading mw-heading2"><h2 id="Ecosystem">Ecosystem</h2><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Startup_company&action=edit&section=21" title="Edit section: Ecosystem"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <figure class="mw-default-size" typeof="mw:File/Thumb"><a href="/wiki/File:StartupEcosystem.png" class="mw-file-description"><img src="//upload.wikimedia.org/wikipedia/commons/thumb/3/35/StartupEcosystem.png/220px-StartupEcosystem.png" decoding="async" width="220" height="200" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/commons/thumb/3/35/StartupEcosystem.png/330px-StartupEcosystem.png 1.5x, //upload.wikimedia.org/wikipedia/commons/thumb/3/35/StartupEcosystem.png/440px-StartupEcosystem.png 2x" data-file-width="651" data-file-height="592" /></a><figcaption>A startup ecosystem can contribute to local entrepreneurial culture.</figcaption></figure> <p>The size and maturity of the <a href="/wiki/Startup_ecosystem" title="Startup ecosystem">startup ecosystem</a> is where a startup is launched and where it grows to have an effect on the volume and success of the startups. The startup ecosystem consists of the individuals (entrepreneurs, venture capitalists, <a href="/wiki/Angel_investing" class="mw-redirect" title="Angel investing">angel investors</a>, mentors, advisors); institutions and organizations (top research universities and institutes, business schools and entrepreneurship programs and centres operated by universities and colleges, non-profit entrepreneurship support organizations, government entrepreneurship programs and services, <a href="/wiki/Chambers_of_commerce" class="mw-redirect" title="Chambers of commerce">Chambers of commerce</a>) <a href="/wiki/Business_incubator" title="Business incubator">business incubators</a> and <a href="/wiki/Business_accelerator" class="mw-redirect" title="Business accelerator">business accelerators</a> and top-performing entrepreneurial firms and startups. A region with all of these elements is considered to be a "strong" startup ecosystem. </p><p>One of the most famous startup ecosystems is <a href="/wiki/Silicon_Valley" title="Silicon Valley">Silicon Valley</a> in California, where major computer and internet firms and top universities such as <a href="/wiki/Stanford_University" title="Stanford University">Stanford University</a> create a stimulating startup environment. <a href="/wiki/Boston" title="Boston">Boston</a> (where <a href="/wiki/Massachusetts_Institute_of_Technology" title="Massachusetts Institute of Technology">Massachusetts Institute of Technology</a> is located) and <a href="/wiki/Berlin" title="Berlin">Berlin</a>, home of <a href="/wiki/WISTA" title="WISTA">WISTA</a> (a top research area), also have numerous <a href="/wiki/Economy_of_Berlin#Creative_industries" title="Economy of Berlin">creative industries</a>, leading entrepreneurs and startup firms. Basically, attempts are being made worldwide, for example in Israel with its <a href="/wiki/Silicon_Wadi" title="Silicon Wadi">Silicon Wadi</a>, in France with the <a href="/wiki/Inovall%C3%A9e" title="Inovallée">Inovallée</a> or in Italy in <a href="/wiki/Trieste" title="Trieste">Trieste</a> with the <a href="/wiki/AREA_Science_Park" title="AREA Science Park">AREA Science Park</a>, to network basic research, universities and technology parks in order to create a startup-friendly ecosystem. </p><p>Although there are startups created in all types of businesses, and all over the world, some locations and business sectors are particularly associated with startup companies. The <a href="/wiki/Internet_bubble" class="mw-redirect" title="Internet bubble">internet bubble</a> of the late 1990s was associated with huge numbers of internet startup companies, some selling the technology to provide internet access, others using the internet to provide services. Most of this startup activity was located in the most well-known startup ecosystem - <a href="/wiki/Silicon_Valley" title="Silicon Valley">Silicon Valley</a>, an area of northern California renowned for the high level of startup company activity: </p> <style data-mw-deduplicate="TemplateStyles:r1244412712">.mw-parser-output .templatequote{overflow:hidden;margin:1em 0;padding:0 32px}.mw-parser-output .templatequotecite{line-height:1.5em;text-align:left;margin-top:0}@media(min-width:500px){.mw-parser-output .templatequotecite{padding-left:1.6em}}</style><blockquote class="templatequote"><p>The spark that set off the explosive boom of "Silicon startups" in Stanford Industrial Park was a personal dispute in 1957 between employees of <a href="/wiki/Shockley_Semiconductor" class="mw-redirect" title="Shockley Semiconductor">Shockley Semiconductor</a> and the company's namesake and founder, Nobel laureate and co-inventor of the <a href="/wiki/Transistor" title="Transistor">transistor</a> <a href="/wiki/William_Shockley" title="William Shockley">William Shockley</a>... (His employees) formed Fairchild Semiconductor immediately following their departure... After several years, Fairchild gained its footing, becoming a formidable presence in this sector. Its founders began leaving to start companies based on their own latest ideas and were followed on this path by their own former leading employees... The process gained momentum and what had once begun in a Stanford's research park became a veritable startup avalanche... Thus, over the course of just 20 years, a mere eight of Shockley's former employees gave forth 65 new enterprises, which then went on to do the same...<sup id="cite_ref-Gregory_55-0" class="reference"><a href="#cite_note-Gregory-55"><span class="cite-bracket">[</span>55<span class="cite-bracket">]</span></a></sup> </p></blockquote> <p>Startup advocates are also trying to build a community of tech startups in <a href="/wiki/New_York_City" title="New York City">New York City</a> with organizations like NY Tech Meet Up<sup id="cite_ref-56" class="reference"><a href="#cite_note-56"><span class="cite-bracket">[</span>56<span class="cite-bracket">]</span></a></sup> and Built in NYC.<sup id="cite_ref-57" class="reference"><a href="#cite_note-57"><span class="cite-bracket">[</span>57<span class="cite-bracket">]</span></a></sup> In the early 2000s, the patent assets of failed startup companies were being purchased by people known as <a href="/wiki/Patent_troll" title="Patent troll">patent trolls</a>, who assert those patents against companies that might be infringing the technology covered by the patents.<sup id="cite_ref-58" class="reference"><a href="#cite_note-58"><span class="cite-bracket">[</span>58<span class="cite-bracket">]</span></a></sup> </p> <div class="mw-heading mw-heading2"><h2 id="Investing">Investing</h2><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Startup_company&action=edit&section=22" title="Edit section: Investing"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <figure class="mw-default-size mw-halign-right" typeof="mw:File/Thumb"><a href="/wiki/File:Startup_Financing_Cycle.png" class="mw-file-description"><img src="//upload.wikimedia.org/wikipedia/commons/thumb/e/e3/Startup_Financing_Cycle.png/300px-Startup_Financing_Cycle.png" decoding="async" width="300" height="192" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/commons/thumb/e/e3/Startup_Financing_Cycle.png/450px-Startup_Financing_Cycle.png 1.5x, //upload.wikimedia.org/wikipedia/commons/thumb/e/e3/Startup_Financing_Cycle.png/600px-Startup_Financing_Cycle.png 2x" data-file-width="2500" data-file-height="1600" /></a><figcaption>Diagram of the typical financing cycle for a startup company</figcaption></figure> <p>Startup investing is the action of making an investment in an early-stage company. Beyond founders' own contributions, some startups raise additional investment at some or several stages of their growth. Not all startups trying to raise investments are successful in their fundraising.<sup class="noprint Inline-Template Template-Fact" style="white-space:nowrap;">[<i><a href="/wiki/Wikipedia:Citation_needed" title="Wikipedia:Citation needed"><span title="This claim needs references to reliable sources. (January 2023)">citation needed</span></a></i>]</sup>Venture Capital is a subdivision of Private Equity wherein external investors fund small-scale startups that have high growth potential in the long run. Venture capital is the money of invention that is invested into young businesses which hold no historic background. Usually, the business of venture capital is highly risky but one can at the same time expect high returns as well.<sup id="cite_ref-59" class="reference"><a href="#cite_note-59"><span class="cite-bracket">[</span>59<span class="cite-bracket">]</span></a></sup> </p><p>In the United States, the solicitation of funds became easier for startups as result of the <a href="/wiki/JOBS_Act" class="mw-redirect" title="JOBS Act">JOBS Act</a>.<sup id="cite_ref-The_Wall_Street_Journal_60-0" class="reference"><a href="#cite_note-The_Wall_Street_Journal-60"><span class="cite-bracket">[</span>60<span class="cite-bracket">]</span></a></sup><sup id="cite_ref-Financial_Times_61-0" class="reference"><a href="#cite_note-Financial_Times-61"><span class="cite-bracket">[</span>61<span class="cite-bracket">]</span></a></sup><sup id="cite_ref-Bloomberg_Businessweek1_62-0" class="reference"><a href="#cite_note-Bloomberg_Businessweek1-62"><span class="cite-bracket">[</span>62<span class="cite-bracket">]</span></a></sup><sup id="cite_ref-Bloomberg_Businessweek2_63-0" class="reference"><a href="#cite_note-Bloomberg_Businessweek2-63"><span class="cite-bracket">[</span>63<span class="cite-bracket">]</span></a></sup> Prior to the advent of <a href="/wiki/Equity_crowdfunding" title="Equity crowdfunding">equity crowdfunding</a>, a form of online investing that has been legalized in several nations, startups did not advertise themselves to the general public as investment opportunities until and unless they first obtained approval from regulators for an <a href="/wiki/Initial_public_offering" title="Initial public offering">initial public offering</a> (IPO) that typically involved a listing of the startup's securities on a <a href="/wiki/Stock_exchange" title="Stock exchange">stock exchange</a>. Today, there are many alternative forms of IPO commonly employed by startups and startup promoters that do not include an exchange listing, so they may avoid certain regulatory compliance obligations, including mandatory periodic disclosures of financial information and factual <a href="/wiki/Financial_statement#Management_discussion_and_analysis" title="Financial statement">discussion of business conditions by management</a> that investors and potential investors routinely receive from registered public companies.<sup id="cite_ref-64" class="reference"><a href="#cite_note-64"><span class="cite-bracket">[</span>64<span class="cite-bracket">]</span></a></sup> </p><p>Over the last decade, Europe has developed a rapid start-up scene that has given birth to global players, including more than 70 unicorns, and has created more than two million jobs. Investment in European start-ups increased sixfold between 2010 and 2020, reaching approximately €40 billion.<sup id="cite_ref-:02_65-0" class="reference"><a href="#cite_note-:02-65"><span class="cite-bracket">[</span>65<span class="cite-bracket">]</span></a></sup><sup id="cite_ref-66" class="reference"><a href="#cite_note-66"><span class="cite-bracket">[</span>66<span class="cite-bracket">]</span></a></sup> Europe does a poorer job of nurturing young companies because of a failure to support their development into industry leaders. Promising European start-ups then struggle to raise the necessary capital to expand and mature. They are forced to either relocate to the US's deep capital markets or sell themselves to larger rivals with more financial availability. As a result, start-ups in the United States can typically raise far more money—up to five times as much as in Europe.<sup id="cite_ref-:02_65-1" class="reference"><a href="#cite_note-:02-65"><span class="cite-bracket">[</span>65<span class="cite-bracket">]</span></a></sup><sup id="cite_ref-67" class="reference"><a href="#cite_note-67"><span class="cite-bracket">[</span>67<span class="cite-bracket">]</span></a></sup> </p><p>Investors are generally most attracted to those new companies distinguished by their strong co-founding team, a balanced "risk/reward" profile (in which high risk due to the untested, disruptive innovations is balanced out by high potential returns) and "scalability" (the likelihood that a startup can expand its operations by serving more markets or more customers).<sup class="noprint Inline-Template Template-Fact" style="white-space:nowrap;">[<i><a href="/wiki/Wikipedia:Citation_needed" title="Wikipedia:Citation needed"><span title="This claim needs references to reliable sources. (December 2019)">citation needed</span></a></i>]</sup> Attractive startups generally have lower "<a href="/wiki/Bootstrapping" title="Bootstrapping">bootstrapping</a>" (self-funding of startups by the founders) costs, higher risk, and higher potential <a href="/wiki/Return_on_investment" title="Return on investment">return on investment</a>. Successful startups are typically more scalable than an established business, in the sense that the startup has the potential to grow rapidly with a limited investment of capital, labor or land.<sup id="cite_ref-68" class="reference"><a href="#cite_note-68"><span class="cite-bracket">[</span>68<span class="cite-bracket">]</span></a></sup><sup class="noprint Inline-Template" style="white-space:nowrap;">[<i><a href="/wiki/Wikipedia:Verifiability" title="Wikipedia:Verifiability"><span title="The material near this tag failed verification of its source citation(s). (January 2023)">failed verification</span></a></i>]</sup> Timing has often been the single most important factor for biggest startup successes,<sup id="cite_ref-69" class="reference"><a href="#cite_note-69"><span class="cite-bracket">[</span>69<span class="cite-bracket">]</span></a></sup> while at the same time it's identified to be one of the hardest things to master by many serial entrepreneurs and investors.<sup id="cite_ref-70" class="reference"><a href="#cite_note-70"><span class="cite-bracket">[</span>70<span class="cite-bracket">]</span></a></sup> </p><p>Startups have several options for funding. <a href="/wiki/Revenue-based_financing" title="Revenue-based financing">Revenue-based financing</a> lenders can help startup companies by providing non-dilutive <a href="/wiki/Growth_capital" title="Growth capital">growth capital</a> in exchange for a percentage of monthly revenue.<sup id="cite_ref-71" class="reference"><a href="#cite_note-71"><span class="cite-bracket">[</span>71<span class="cite-bracket">]</span></a></sup> Venture capital firms and angel investors may help startup companies begin operations, exchanging <a href="/wiki/Seed_money" title="Seed money">seed money</a> for an <a href="/wiki/Capital_stock" class="mw-redirect" title="Capital stock">equity</a> stake in the firm. Venture capitalists and angel investors provide financing to a range of startups (a portfolio), with the expectation that a very small number of the startups will become viable and make money. In practice though, many startups are initially funded by the founders themselves using "bootstrapping", in which loans or monetary gifts from friends and family are combined with savings and credit card debt to finance the venture. <a href="/wiki/Factoring_(finance)" title="Factoring (finance)">Factoring</a> is another option, though it is not unique to startups. Other funding opportunities include various forms of <a href="/wiki/Crowdfunding" title="Crowdfunding">crowdfunding</a>, for example equity crowdfunding,<sup id="cite_ref-72" class="reference"><a href="#cite_note-72"><span class="cite-bracket">[</span>72<span class="cite-bracket">]</span></a></sup> in which the startup seeks funding from a large number of individuals, typically by pitching their idea on the Internet. </p><p>Startups can receive funding via more involved stakeholders, such as startup studios. Startup studios provide funding to support the business through a successful launch, but they also provide extensive operational support, such as HR, finance and accounting, marketing, and product development, to increase the probability of success and propel growth.<sup id="cite_ref-73" class="reference"><a href="#cite_note-73"><span class="cite-bracket">[</span>73<span class="cite-bracket">]</span></a></sup> </p><p>Startup are funded through preset rounds, depending on their funding requirement and the stage of growth of the company. Startup investing is generally divided into six stage, namely </p> <ol><li>Angel funding</li> <li><a href="/wiki/Seed_funding" class="mw-redirect" title="Seed funding">Seed</a> Funding</li> <li>Pre-Series A</li> <li>Series B</li> <li>Series C,D</li> <li>Series E, F and Beyond <sup id="cite_ref-74" class="reference"><a href="#cite_note-74"><span class="cite-bracket">[</span>74<span class="cite-bracket">]</span></a></sup></li></ol> <div class="mw-heading mw-heading3"><h3 id="Necessity_of_funding">Necessity of funding</h3><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Startup_company&action=edit&section=23" title="Edit section: Necessity of funding"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <p>While some (would-be) entrepreneurs believe that they can't start a company without funding from VC, Angel, etc. that is not the case.<sup id="cite_ref-75" class="reference"><a href="#cite_note-75"><span class="cite-bracket">[</span>75<span class="cite-bracket">]</span></a></sup> In fact, many entrepreneurs have founded successful businesses for almost no capital, including the founders of <a href="/wiki/Mailchimp" title="Mailchimp">MailChimp</a>, <a href="/wiki/Shopify" title="Shopify">Shopify</a>, and <a href="/wiki/Shutterstock" title="Shutterstock">ShutterStock</a>.<sup id="cite_ref-76" class="reference"><a href="#cite_note-76"><span class="cite-bracket">[</span>76<span class="cite-bracket">]</span></a></sup> </p> <div class="mw-heading mw-heading3"><h3 id="Valuations">Valuations</h3><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Startup_company&action=edit&section=24" title="Edit section: Valuations"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <p>If a company's value is based on its technology, it is often equally important for the business owners to obtain <a href="/wiki/Intellectual_property_protection" class="mw-redirect" title="Intellectual property protection">intellectual property protection</a> for their idea. The newsmagazine <i><a href="/wiki/The_Economist" title="The Economist">The Economist</a></i> estimated that up to 75% of the value of US public companies is now based on their <a href="/wiki/Intellectual_property" title="Intellectual property">intellectual property</a> (up from 40% in 1980).<sup id="cite_ref-77" class="reference"><a href="#cite_note-77"><span class="cite-bracket">[</span>77<span class="cite-bracket">]</span></a></sup> Often, 100% of a small startup company's value is based on its intellectual property. As such, it is important for technology-oriented startup companies to develop a sound strategy for protecting their <a href="/wiki/Intellectual_capital" title="Intellectual capital">intellectual capital</a> as early as possible.<sup id="cite_ref-78" class="reference"><a href="#cite_note-78"><span class="cite-bracket">[</span>78<span class="cite-bracket">]</span></a></sup> Startup companies, particularly those associated with new technology, sometimes produce huge returns to their creators and investors—a recent example of such is Google, whose creators became billionaires through their stock ownership and options. </p> <div class="mw-heading mw-heading3"><h3 id="Investing_rounds">Investing rounds</h3><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Startup_company&action=edit&section=25" title="Edit section: Investing rounds"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <p>When investing in a startup, there are different types of stages in which the investor can participate. The first round is called <a href="/wiki/Seed_round" class="mw-redirect" title="Seed round">seed round</a>. The seed round generally is when the startup is still in the very early phase of execution when their product is still in the prototype phase. There is likely no performance data or positive financials as of yet. Therefore, investors rely on strength of the idea and the team in place. At this level, family friends and <a href="/wiki/Angel_investors" class="mw-redirect" title="Angel investors">angel investors</a> will be the ones participating. At this stage the level of risk and payoff are at their greatest. The next round is called <a href="/wiki/Series_A_round" title="Series A round">Series A</a>. At this point the company already has traction and may be making revenue. In Series A rounds venture capital firms will be participating alongside angels or <a href="/wiki/Super_angel" title="Super angel">super angel</a> investors. The next rounds are <a href="/wiki/Series_B" class="mw-redirect" title="Series B">Series B</a>, C, and D. These three rounds are the ones leading towards the Initial Public Offering (<a href="/wiki/IPO" class="mw-redirect" title="IPO">IPO</a>). Venture capital firms and <a href="/wiki/Private_equity" title="Private equity">private equity</a> firms will be participating.<sup id="cite_ref-Nasdaq_79-0" class="reference"><a href="#cite_note-Nasdaq-79"><span class="cite-bracket">[</span>79<span class="cite-bracket">]</span></a></sup> Series B: Companies are generating consistent revenue but must scale to meet growing demand. Series C & D: Companies with strong financial performance looking to expand to new markets, develop new products, make an acquisition, and/or preparing for IPO. </p> <div class="mw-heading mw-heading3"><h3 id="History_of_startup_investing">History of startup investing</h3><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Startup_company&action=edit&section=26" title="Edit section: History of startup investing"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <p>After the <a href="/wiki/Great_Depression" title="Great Depression">Great Depression</a>, which was blamed in part on a rise in speculative investments in unregulated small companies, startup investing was primarily a word of mouth activity reserved for the friends and family of a startup's co-founders, business angels, and Venture Capital funds. In the United States, this has been the case ever since the implementation of the <a href="/wiki/Securities_Act_of_1933" title="Securities Act of 1933">Securities Act of 1933</a>. Many nations implemented similar legislation to prohibit general solicitation and general advertising of unregistered securities, including shares offered by startup companies. In 2005, a new Accelerator investment model was introduced by <a href="/wiki/Y_Combinator_(company)" class="mw-redirect" title="Y Combinator (company)">Y Combinator</a> that combined fixed terms investment model with fixed period intense bootcamp style training program, to streamline the seed/early-stage investment process with training to be more systematic. </p><p>Following Y Combinator, many accelerators with similar models have emerged around the world. The accelerator model has since become very common and widely spread and they are key organizations of any <a href="/wiki/Startup_ecosystem" title="Startup ecosystem">Startup ecosystem</a>. Title II of the <a href="/wiki/Jumpstart_Our_Business_Startups_Act" title="Jumpstart Our Business Startups Act">Jumpstart Our Business Startups Act</a> (JOBS Act), first implemented on 23 September 2013, granted startups in and startup co-founders or promoters in US. the right to generally solicit and advertise publicly using any method of communication on the condition that only <a href="/wiki/Accredited_investor" title="Accredited investor">accredited investors</a> are allowed to purchase the securities.<sup id="cite_ref-80" class="reference"><a href="#cite_note-80"><span class="cite-bracket">[</span>80<span class="cite-bracket">]</span></a></sup><sup id="cite_ref-ABC_News_81-0" class="reference"><a href="#cite_note-ABC_News-81"><span class="cite-bracket">[</span>81<span class="cite-bracket">]</span></a></sup><sup id="cite_ref-Bloomberg_82-0" class="reference"><a href="#cite_note-Bloomberg-82"><span class="cite-bracket">[</span>82<span class="cite-bracket">]</span></a></sup> However the regulations affecting equity crowdfunding in different countries vary a lot with different levels and models of freedom and restrictions. In many countries there are no limitations restricting general public from investing to startups, while there can still be other types of restrictions in place, like limiting the amount that companies can seek from investors. Due to positive development and growth of crowdfunding,<sup id="cite_ref-83" class="reference"><a href="#cite_note-83"><span class="cite-bracket">[</span>83<span class="cite-bracket">]</span></a></sup> many countries are actively updating their regulation in regards to crowdfunding. </p> <div class="mw-heading mw-heading3"><h3 id="Investing_online">Investing online</h3><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Startup_company&action=edit&section=27" title="Edit section: Investing online"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <p>The first known investment-based crowdfunding platform for startups was launched in February 2010 by Grow VC,<sup id="cite_ref-84" class="reference"><a href="#cite_note-84"><span class="cite-bracket">[</span>84<span class="cite-bracket">]</span></a></sup> followed by the first US. based company ProFounder launching model for startups to raise investments directly on the site,<sup id="cite_ref-85" class="reference"><a href="#cite_note-85"><span class="cite-bracket">[</span>85<span class="cite-bracket">]</span></a></sup> but ProFounder later decided to shut down its business due regulatory reasons preventing them from continuing,<sup id="cite_ref-86" class="reference"><a href="#cite_note-86"><span class="cite-bracket">[</span>86<span class="cite-bracket">]</span></a></sup> having launched their model for US. markets prior to JOBS Act. With the positive progress of the JOBS Act for crowd investing in US., equity crowdfunding platforms like <a href="/wiki/SeedInvest" title="SeedInvest">SeedInvest</a> and <a href="/wiki/CircleUp" title="CircleUp">CircleUp</a> started to emerge in 2011 and platforms such as investiere, <a href="/wiki/Companisto" title="Companisto">Companisto</a> and <a href="/wiki/Seedrs" title="Seedrs">Seedrs</a> in Europe and <a href="/wiki/OurCrowd" title="OurCrowd">OurCrowd</a> in Israel. The idea of these platforms is to streamline the process and resolve the two main points that were taking place in the market. The first problem was for startups to be able to access capital and to decrease the amount of time that it takes to close a round of financing. The second problem was intended to increase the amount of deal flow for the investor and to also centralize the process.<sup id="cite_ref-Forbes_87-0" class="reference"><a href="#cite_note-Forbes-87"><span class="cite-bracket">[</span>87<span class="cite-bracket">]</span></a></sup><sup id="cite_ref-Washington_Post_88-0" class="reference"><a href="#cite_note-Washington_Post-88"><span class="cite-bracket">[</span>88<span class="cite-bracket">]</span></a></sup> </p> <div class="mw-heading mw-heading2"><h2 id="Internal_startups">Internal startups</h2><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Startup_company&action=edit&section=28" title="Edit section: Internal startups"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <p>Internal startups are a form of corporate entrepreneurship.<sup id="cite_ref-89" class="reference"><a href="#cite_note-89"><span class="cite-bracket">[</span>89<span class="cite-bracket">]</span></a></sup> Large or well-established companies often try to promote innovation by setting up "internal startups", new business divisions that operate at <a href="/wiki/Arm%27s_length" class="mw-redirect" title="Arm's length">arm's length</a> from the rest of the company. Examples include <a href="/wiki/Bell_Labs" title="Bell Labs">Bell Labs</a>, a research unit within the <a href="/wiki/Bell_System" title="Bell System">Bell System</a> and <a href="/wiki/Target_Corporation" title="Target Corporation">Target Corporation</a> (which began as an internal startup of the <a href="/wiki/Dayton%27s" title="Dayton's">Dayton's</a> department store chain) and <a href="/wiki/Threedegrees" title="Threedegrees">threedegrees</a>, a product developed by an internal startup of <a href="/wiki/Microsoft" title="Microsoft">Microsoft</a>.<sup id="cite_ref-90" class="reference"><a href="#cite_note-90"><span class="cite-bracket">[</span>90<span class="cite-bracket">]</span></a></sup> </p> <div class="mw-heading mw-heading2"><h2 id="Unicorns">Unicorns</h2><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Startup_company&action=edit&section=29" title="Edit section: Unicorns"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1236090951"><div role="note" class="hatnote navigation-not-searchable">See also: <a href="/wiki/List_of_unicorn_startup_companies" title="List of unicorn startup companies">List of unicorn startup companies</a></div> <p>Some startups become big and they become <b>unicorns</b>, i.e. privately held startup companies <a href="/wiki/Valuation_(finance)" title="Valuation (finance)">valued</a> at over US$1 billion. The term was coined in 2013 by venture capitalist <a href="/wiki/Aileen_Lee" title="Aileen Lee">Aileen Lee</a>, choosing the mythical animal to represent the statistical rarity of such successful ventures. According to <i><a href="/wiki/TechCrunch" title="TechCrunch">TechCrunch</a></i>, there were 452 unicorns as of May 2019, and most of the unicorns are in the US, followed by China. The unicorns are concentrated in a few countries. The unicorn leaders are the U.S. with 196 companies, China with 165, India with 107<sup id="cite_ref-91" class="reference"><a href="#cite_note-91"><span class="cite-bracket">[</span>91<span class="cite-bracket">]</span></a></sup> and the U.K. with 16.<sup id="cite_ref-92" class="reference"><a href="#cite_note-92"><span class="cite-bracket">[</span>92<span class="cite-bracket">]</span></a></sup> The largest unicorns included <a href="/wiki/Ant_Financial" class="mw-redirect" title="Ant Financial">Ant Financial</a>, <a href="/wiki/ByteDance" title="ByteDance">ByteDance</a>, <a href="/wiki/DiDi" title="DiDi">DiDi</a>, <a href="/wiki/Uber" title="Uber">Uber</a>, <a href="/wiki/Xiaomi" title="Xiaomi">Xiaomi</a>, and <a href="/wiki/Airbnb" title="Airbnb">Airbnb</a>. When the value of a company is over US$10 billion, the company will be called as a <b>Decacorn</b>. When the company is valued over US$100 billion, <b>Hectocorn</b> will be used. </p> <div class="mw-heading mw-heading2"><h2 id="Critiques_of_the_start-up_mode">Critiques of the start-up mode</h2><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Startup_company&action=edit&section=30" title="Edit section: Critiques of the start-up mode"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <p>According to Nikos Smyrnaios, Silicon Valley's start-ups are emblematic of the <a href="/wiki/Fordism" title="Fordism">post-Fordist</a> enterprise,<sup id="cite_ref-:6_93-0" class="reference"><a href="#cite_note-:6-93"><span class="cite-bracket">[</span>93<span class="cite-bracket">]</span></a></sup> reflecting a move toward values of liberty, autonomy and authenticity, and away from the Fordist emphasis on solidarity, economic security and equality. </p><p>For some researchers, such as Antoine Gouritin, the start-up model, like many digital-related objects, is underpinned by a "solutionist" logic, as Evgeny Morozov describes it. <i>Technological solutionism</i> corresponds to the belief that thanks to digital tools such as those created by start-ups, simple and technical solutions can be found to all kinds of problems. Therefore, what is expected of start-ups is not that they address the root causes of problems, but that they find effective technical solutions quickly.<sup id="cite_ref-94" class="reference"><a href="#cite_note-94"><span class="cite-bracket">[</span>94<span class="cite-bracket">]</span></a></sup> </p><p>The organizational model of start-ups is also questioned by former employees. For example, Mathilde Ramadier, a former start-up employee, brings the debate to the fore in France with her book <i>Bienvenue dans le nouveau monde. Comment j'ai survécu à la coolitude des start-ups</i> [<i>Welcome to the new world. How I survived start-up coolness</i>] in 2017.<sup id="cite_ref-95" class="reference"><a href="#cite_note-95"><span class="cite-bracket">[</span>95<span class="cite-bracket">]</span></a></sup> Since then, awareness<sup class="noprint Inline-Template" style="margin-left:0.1em; white-space:nowrap;">[<i><a href="/wiki/Wikipedia:Please_clarify" title="Wikipedia:Please clarify"><span title="Awareness of what?? (April 2023)">clarification needed</span></a></i>]</sup> has been growing.<sup id="cite_ref-96" class="reference"><a href="#cite_note-96"><span class="cite-bracket">[</span>96<span class="cite-bracket">]</span></a></sup> The non-hierarchical organization of start-ups means that all employees bear equal responsibility for their running smoothly. They are based on voluntary commitment and internalized behavioral norms rather than formal hierarchical constraints.<sup id="cite_ref-:6_93-1" class="reference"><a href="#cite_note-:6-93"><span class="cite-bracket">[</span>93<span class="cite-bracket">]</span></a></sup> Employees, encouraged to meet targets, often exceed overtime limits. Professional and personal life often blend in this highly connected environment. Employees are expected, without discussion, to give of themselves without counting the cost, to be always reachable and available, without asking for compensation commensurate with their professional commitment (in terms of time and activities), and to place the general interest of the organization before their personal interest. Finally, the employment contracts of start-up employees are often precarious since the company itself is not completely stable.<sup id="cite_ref-97" class="reference"><a href="#cite_note-97"><span class="cite-bracket">[</span>97<span class="cite-bracket">]</span></a></sup> </p><p>Economist Scott A. Shane has used data on start-ups published in many countries to draw conclusions in terms of public policy. He is critical of public policy that encourages start-ups, pointing to evidence that these policies lead people to create marginal businesses that are more likely to fail, have little economic impact, and generate a very limited number of jobs.<sup id="cite_ref-98" class="reference"><a href="#cite_note-98"><span class="cite-bracket">[</span>98<span class="cite-bracket">]</span></a></sup> </p> <div class="mw-heading mw-heading2"><h2 id="Today">Today</h2><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Startup_company&action=edit&section=31" title="Edit section: Today"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <p>Today, the <a href="/wiki/San_Francisco_bay_area" class="mw-redirect" title="San Francisco bay area">San Francisco bay area</a> has the highest number of startups in the world, with 14,500 startups. It is followed by <a href="/wiki/New_York_City" title="New York City">New York City</a> with 12,500 and <a href="/wiki/Silicon_Wadi" title="Silicon Wadi">Silicon Wadi</a> in <a href="/wiki/Israel" title="Israel">Israel</a>, with around 9000, which is the highest per capita figure in the world.<sup id="cite_ref-99" class="reference"><a href="#cite_note-99"><span class="cite-bracket">[</span>99<span class="cite-bracket">]</span></a></sup><sup id="cite_ref-100" class="reference"><a href="#cite_note-100"><span class="cite-bracket">[</span>100<span class="cite-bracket">]</span></a></sup> </p> <div class="mw-heading mw-heading2"><h2 id="See_also">See also</h2><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Startup_company&action=edit&section=32" title="Edit section: See also"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <style data-mw-deduplicate="TemplateStyles:r1235681985">.mw-parser-output .side-box{margin:4px 0;box-sizing:border-box;border:1px solid #aaa;font-size:88%;line-height:1.25em;background-color:var(--background-color-interactive-subtle,#f8f9fa);display:flow-root}.mw-parser-output .side-box-abovebelow,.mw-parser-output .side-box-text{padding:0.25em 0.9em}.mw-parser-output .side-box-image{padding:2px 0 2px 0.9em;text-align:center}.mw-parser-output .side-box-imageright{padding:2px 0.9em 2px 0;text-align:center}@media(min-width:500px){.mw-parser-output .side-box-flex{display:flex;align-items:center}.mw-parser-output .side-box-text{flex:1;min-width:0}}@media(min-width:720px){.mw-parser-output .side-box{width:238px}.mw-parser-output .side-box-right{clear:right;float:right;margin-left:1em}.mw-parser-output .side-box-left{margin-right:1em}}</style><style data-mw-deduplicate="TemplateStyles:r1237033735">@media print{body.ns-0 .mw-parser-output .sistersitebox{display:none!important}}@media screen{html.skin-theme-clientpref-night .mw-parser-output .sistersitebox img[src*="Wiktionary-logo-en-v2.svg"]{background-color:white}}@media screen and (prefers-color-scheme:dark){html.skin-theme-clientpref-os .mw-parser-output .sistersitebox img[src*="Wiktionary-logo-en-v2.svg"]{background-color:white}}</style><div class="side-box side-box-right plainlinks sistersitebox"><style data-mw-deduplicate="TemplateStyles:r1126788409">.mw-parser-output .plainlist ol,.mw-parser-output .plainlist ul{line-height:inherit;list-style:none;margin:0;padding:0}.mw-parser-output .plainlist ol li,.mw-parser-output .plainlist ul li{margin-bottom:0}</style> <div class="side-box-flex"> <div class="side-box-image"><span class="noviewer" typeof="mw:File"><span><img alt="" src="//upload.wikimedia.org/wikipedia/commons/thumb/0/0b/Wikiversity_logo_2017.svg/40px-Wikiversity_logo_2017.svg.png" decoding="async" width="40" height="33" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/commons/thumb/0/0b/Wikiversity_logo_2017.svg/60px-Wikiversity_logo_2017.svg.png 1.5x, //upload.wikimedia.org/wikipedia/commons/thumb/0/0b/Wikiversity_logo_2017.svg/80px-Wikiversity_logo_2017.svg.png 2x" data-file-width="626" data-file-height="512" /></span></span></div> <div class="side-box-text plainlist">Wikiversity has learning resources about <i><b><a href="https://en.wikiversity.org/wiki/Category:Start-up_finance" class="extiw" title="v:Category:Start-up finance">Start-up finance</a></b></i></div></div> </div> <ul><li><a href="/wiki/Brand_management" title="Brand management">Brand management</a></li> <li><a href="/wiki/Business_incubator" title="Business incubator">Business incubator</a></li> <li><a href="/wiki/Business_plan" title="Business plan">Business plan</a></li> <li><a href="/wiki/Deep_tech" title="Deep tech">Deep tech</a></li> <li><a href="/wiki/Innovation" title="Innovation">Innovation</a></li> <li><a href="/wiki/Liquidity_event" title="Liquidity event">Liquidity event</a></li> <li><a href="/wiki/Platform_cooperative" title="Platform cooperative">Platform cooperative</a></li> <li><a href="/wiki/Small_business" title="Small business">Small business</a></li> <li><a href="/wiki/Vesting#Ownership_in_startup_companies" title="Vesting">Vesting § Ownership in startup companies</a></li> <li><a href="/wiki/Unicorn_bubble" title="Unicorn bubble">Unicorn bubble</a></li></ul> <div class="mw-heading mw-heading2"><h2 id="References">References</h2><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Startup_company&action=edit&section=33" title="Edit section: References"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <style data-mw-deduplicate="TemplateStyles:r1239543626">.mw-parser-output .reflist{margin-bottom:0.5em;list-style-type:decimal}@media screen{.mw-parser-output .reflist{font-size:90%}}.mw-parser-output .reflist .references{font-size:100%;margin-bottom:0;list-style-type:inherit}.mw-parser-output .reflist-columns-2{column-width:30em}.mw-parser-output .reflist-columns-3{column-width:25em}.mw-parser-output .reflist-columns{margin-top:0.3em}.mw-parser-output .reflist-columns ol{margin-top:0}.mw-parser-output .reflist-columns li{page-break-inside:avoid;break-inside:avoid-column}.mw-parser-output .reflist-upper-alpha{list-style-type:upper-alpha}.mw-parser-output .reflist-upper-roman{list-style-type:upper-roman}.mw-parser-output .reflist-lower-alpha{list-style-type:lower-alpha}.mw-parser-output .reflist-lower-greek{list-style-type:lower-greek}.mw-parser-output .reflist-lower-roman{list-style-type:lower-roman}</style><div class="reflist"> <div class="mw-references-wrap mw-references-columns"><ol class="references"> <li id="cite_note-1"><span class="mw-cite-backlink"><b><a href="#cite_ref-1">^</a></b></span> <span class="reference-text"><style data-mw-deduplicate="TemplateStyles:r1238218222">.mw-parser-output cite.citation{font-style:inherit;word-wrap:break-word}.mw-parser-output .citation q{quotes:"\"""\"""'""'"}.mw-parser-output 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Especially if they choose to restart in the same sector with more or less the same activities, there is a big chance that the restarter becomes the better entrepreneur (Schror, 2006). Restarters in this study are defined as entrepreneurs, whose company went bankrupt, but who, after some time, have the courage to start a new company (i.e. 'pure' restarters)."</span> </li> <li id="cite_note-41"><span class="mw-cite-backlink"><b><a href="#cite_ref-41">^</a></b></span> <span class="reference-text">Adam Jolly <i>The European Business Handbook 2003</i> 0749439750 2003 p5 "Our interviews with entrepreneurial restarters underscore the fact that failure is still severely stigmatised in Europe. 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.navbar-brackets::before{margin-right:-0.125em;content:"[ "}.mw-parser-output .navbar-brackets::after{margin-left:-0.125em;content:" ]"}.mw-parser-output .navbar li{word-spacing:-0.125em}.mw-parser-output .navbar a>span,.mw-parser-output .navbar a>abbr{text-decoration:inherit}.mw-parser-output .navbar-mini abbr{font-variant:small-caps;border-bottom:none;text-decoration:none;cursor:inherit}.mw-parser-output .navbar-ct-full{font-size:114%;margin:0 7em}.mw-parser-output .navbar-ct-mini{font-size:114%;margin:0 4em}html.skin-theme-clientpref-night .mw-parser-output .navbar li a abbr{color:var(--color-base)!important}@media(prefers-color-scheme:dark){html.skin-theme-clientpref-os .mw-parser-output .navbar li a abbr{color:var(--color-base)!important}}@media print{.mw-parser-output .navbar{display:none!important}}</style><div class="navbar plainlinks hlist navbar-mini"><ul><li class="nv-view"><a href="/wiki/Template:Private_equity_and_venture_capital" title="Template:Private equity and venture capital"><abbr title="View this template">v</abbr></a></li><li class="nv-talk"><a href="/wiki/Template_talk:Private_equity_and_venture_capital" title="Template talk:Private equity and venture capital"><abbr title="Discuss this template">t</abbr></a></li><li class="nv-edit"><a href="/wiki/Special:EditPage/Template:Private_equity_and_venture_capital" title="Special:EditPage/Template:Private equity and venture capital"><abbr title="Edit this template">e</abbr></a></li></ul></div><div id="Private_equity_and_venture_capital" style="font-size:114%;margin:0 4em"><a href="/wiki/Private_equity" title="Private equity">Private equity</a> and <a href="/wiki/Venture_capital" title="Venture capital">venture capital</a></div></th></tr><tr><th scope="row" class="navbox-group" style="width:1%">Investment types</th><td class="navbox-list-with-group navbox-list navbox-odd" style="width:100%;padding:0"><div style="padding:0 0.25em"> <ul><li><a href="/wiki/Buyout" title="Buyout">Buyout</a> <ul><li><a href="/wiki/Leveraged_buyout" title="Leveraged buyout">Leveraged</a></li></ul></li> <li><a href="/wiki/Venture_capital" title="Venture capital">Venture</a></li> <li><a href="/wiki/Mezzanine_capital" title="Mezzanine capital">Mezzanine</a></li> <li><a href="/wiki/Growth_capital" title="Growth capital">Growth</a></li> <li><a href="/wiki/Private_equity_secondary_market" class="mw-redirect" title="Private equity secondary market">Secondaries</a></li> <li><a href="/wiki/Equity_co-investment" title="Equity co-investment">Equity co-investment</a></li></ul> </div></td></tr><tr><th scope="row" class="navbox-group" style="width:1%"><a href="/wiki/History_of_private_equity_and_venture_capital" title="History of private equity and venture capital">History</a></th><td class="navbox-list-with-group navbox-list navbox-even" style="width:100%;padding:0"><div style="padding:0 0.25em"> <ul><li><a href="/wiki/Early_history_of_private_equity" title="Early history of private equity">Early history</a></li> <li><a href="/wiki/Private_equity_in_the_1980s" title="Private equity in the 1980s">1980s</a></li> <li><a href="/wiki/Private_equity_in_the_1990s" title="Private equity in the 1990s">1990s</a></li> <li><a href="/wiki/Private_equity_in_the_2000s" title="Private equity in the 2000s">2000s</a></li> <li><a href="/wiki/Private_equity_in_the_2010s" title="Private equity in the 2010s">2010s</a></li> <li><a href="/wiki/Private_equity_in_the_2020s" title="Private equity in the 2020s">2020s</a></li></ul> </div></td></tr><tr><th scope="row" class="navbox-group" style="width:1%">Terms and <br />concepts</th><td class="navbox-list-with-group navbox-list navbox-odd" style="width:100%;padding:0"><div style="padding:0 0.25em"></div><table class="nowraplinks navbox-subgroup" style="border-spacing:0"><tbody><tr><th scope="row" class="navbox-group" style="width:1%"><a href="/wiki/Leveraged_buyout" title="Leveraged buyout">Buyout</a></th><td class="navbox-list-with-group navbox-list navbox-odd" style="width:100%;padding:0"><div style="padding:0 0.25em"> <ul><li><a href="/wiki/Financial_sponsor" title="Financial sponsor">Financial sponsor</a></li> <li><a href="/wiki/Management_buyout" title="Management buyout">Management buyout</a></li> <li><a href="/wiki/Divisional_buyout" title="Divisional buyout">Divisional buyout</a></li> <li><a href="/wiki/Buy%E2%80%93sell_agreement" title="Buy–sell agreement">Buy–sell agreement</a></li> <li><a href="/wiki/Leveraged_recapitalization" title="Leveraged recapitalization">Leveraged recapitalization</a></li> <li><a href="/wiki/Dividend_recapitalization" title="Dividend recapitalization">Dividend recapitalization</a></li></ul> </div></td></tr><tr><th scope="row" class="navbox-group" style="width:1%"><a href="/wiki/Venture_capital" title="Venture capital">Venture</a></th><td class="navbox-list-with-group navbox-list navbox-even" style="width:100%;padding:0"><div style="padding:0 0.25em"> <ul><li><a href="/wiki/Angel_investor" title="Angel investor">Angel investor</a></li> <li><a href="/wiki/Business_incubator" title="Business incubator">Business incubator</a></li> <li><a href="/wiki/Post-money_valuation" title="Post-money valuation">Post-money valuation</a></li> <li><a href="/wiki/Pre-money_valuation" title="Pre-money valuation">Pre-money valuation</a></li> <li><a href="/wiki/Simple_agreement_for_future_equity" title="Simple agreement for future equity">SAFE</a></li> <li><a href="/wiki/Seed_money" title="Seed money">Seed money</a></li> <li><a class="mw-selflink selflink">Startup company</a></li> <li><a href="/wiki/Venture_capital_financing" class="mw-redirect" title="Venture capital financing">Venture capital financing</a></li> <li><a href="/wiki/Venture_debt" title="Venture debt">Venture debt</a></li> <li><a href="/wiki/Venture_round" title="Venture round">Venture round</a></li></ul> </div></td></tr><tr><th scope="row" class="navbox-group" style="width:1%">Structure</th><td class="navbox-list-with-group navbox-list navbox-odd" style="width:100%;padding:0"><div style="padding:0 0.25em"> <ul><li><a href="/wiki/Private_equity_firm" title="Private equity firm">Private equity firms</a> and <a href="/wiki/Private_equity_fund" title="Private equity fund">funds</a></li> <li><a href="/wiki/Limited_partnership" title="Limited partnership">Limited partnership</a></li> <li><a href="/wiki/Limited_liability_company" title="Limited liability company">Limited liability company</a></li> <li><a href="/wiki/Carried_interest" title="Carried interest">Carried interest</a></li> <li><a href="/wiki/Management_fee" title="Management fee">Management fee</a></li> <li><a href="/wiki/Pledge_fund" title="Pledge fund">Pledge fund</a></li> <li><a href="/wiki/Publicly_traded_private_equity" title="Publicly traded private equity">Publicly traded private equity</a> <ul><li><a href="/wiki/Business_Development_Company" title="Business Development Company">Business Development Company</a></li> <li><a href="/wiki/Venture_capital_trust" title="Venture capital trust">Venture capital trust</a></li></ul></li> <li><a href="/wiki/Private_investment_in_public_equity" title="Private investment in public equity">Private investment in public equity (PIPE)</a></li> <li><a href="/wiki/Special-purpose_acquisition_company" title="Special-purpose acquisition company">SPAC</a></li></ul> </div></td></tr></tbody></table><div></div></td></tr><tr><th scope="row" class="navbox-group" style="width:1%">Investors</th><td class="navbox-list-with-group navbox-list navbox-even" style="width:100%;padding:0"><div style="padding:0 0.25em"> <ul><li><a href="/wiki/Corporate_venture_capital" title="Corporate venture capital">Corporations</a></li> <li><a href="/wiki/Institutional_investor" title="Institutional investor">Institutional investors</a></li> <li><a href="/wiki/Pension_fund" title="Pension fund">Pension funds</a></li> <li><a href="/wiki/Insurance#Insurance_companies" title="Insurance">Insurance companies</a></li> <li><a href="/wiki/Fund_of_funds" title="Fund of funds">Fund of funds</a></li> <li><a href="/wiki/Financial_endowment" title="Financial endowment">Endowments</a></li> <li><a href="/wiki/Private_foundation" title="Private foundation">Foundations</a></li> <li><a href="/wiki/Investment_banking" title="Investment banking">Investment banks</a></li> <li><a href="/wiki/Merchant_bank" title="Merchant bank">Merchant banks</a></li> <li><a href="/wiki/Commercial_bank" title="Commercial bank">Commercial banks</a></li> <li><a href="/wiki/High-net-worth_individual" title="High-net-worth individual">High-net-worth individuals</a></li> <li><a href="/wiki/Family_office" title="Family office">Family offices</a></li> <li><a href="/wiki/Sovereign_wealth_fund" title="Sovereign wealth fund">Sovereign wealth funds</a></li> <li><a href="/wiki/Crowdfunding" title="Crowdfunding">Crowdfunding</a></li></ul> </div></td></tr><tr><th scope="row" class="navbox-group" style="width:1%">Related <br />financial terms</th><td class="navbox-list-with-group navbox-list navbox-odd" style="width:100%;padding:0"><div style="padding:0 0.25em"> <ul><li><a href="/wiki/Assets_under_management" title="Assets under management">AUM</a></li> <li><a href="/wiki/Capitalization_table" title="Capitalization table">Cap table</a></li> <li><a href="/wiki/Capital_call" title="Capital call">Capital call</a></li> <li><a href="/wiki/Capital_commitment" title="Capital commitment">Capital commitment</a></li> <li><a href="/wiki/Capital_structure" title="Capital structure">Capital structure</a></li> <li><a href="/wiki/Distribution_waterfall" title="Distribution waterfall">Distribution waterfall</a></li> <li><a href="/wiki/Earnings_before_interest,_taxes,_depreciation_and_amortization" title="Earnings before interest, taxes, depreciation and amortization">EBITDA</a></li> <li><a href="/wiki/Envy_ratio" title="Envy ratio">Envy ratio</a></li> <li><a href="/wiki/High-yield_debt" title="High-yield debt">High-yield debt</a></li> <li><a href="/wiki/Initial_public_offering" title="Initial public offering">IPO</a></li> <li><a href="/wiki/Internal_rate_of_return" title="Internal rate of return">IRR</a></li> <li><a href="/wiki/Leverage_(finance)" title="Leverage (finance)">Leverage</a></li> <li><a href="/wiki/Liquidation_preference" title="Liquidation preference">Liquidation preference</a></li> <li><a href="/wiki/Mergers_and_acquisitions" title="Mergers and acquisitions">M&A</a></li> <li><a href="/wiki/Public_Market_Equivalent" title="Public Market Equivalent">PME</a></li> <li><a href="/wiki/Taxation_of_private_equity_and_hedge_funds" title="Taxation of private equity and hedge funds">Taxation of private equity and hedge funds</a></li> <li><a href="/wiki/Undercapitalization" title="Undercapitalization">Undercapitalization</a></li> <li><a href="/wiki/Vintage_year" title="Vintage year">Vintage year</a></li></ul> </div></td></tr><tr><td class="navbox-abovebelow" colspan="2"><div> <ul><li><span class="noviewer" typeof="mw:File"><span title="Category"><img alt="" src="//upload.wikimedia.org/wikipedia/en/thumb/9/96/Symbol_category_class.svg/16px-Symbol_category_class.svg.png" decoding="async" width="16" height="16" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/en/thumb/9/96/Symbol_category_class.svg/23px-Symbol_category_class.svg.png 1.5x, //upload.wikimedia.org/wikipedia/en/thumb/9/96/Symbol_category_class.svg/31px-Symbol_category_class.svg.png 2x" data-file-width="180" data-file-height="185" /></span></span><a href="/wiki/Category:Private_equity_and_venture_capital_investors" title="Category:Private equity and venture capital investors">Private equity and venture capital investors</a></li> <li><span class="noviewer" typeof="mw:File"><span title="Category"><img alt="" src="//upload.wikimedia.org/wikipedia/en/thumb/9/96/Symbol_category_class.svg/16px-Symbol_category_class.svg.png" decoding="async" width="16" height="16" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/en/thumb/9/96/Symbol_category_class.svg/23px-Symbol_category_class.svg.png 1.5x, //upload.wikimedia.org/wikipedia/en/thumb/9/96/Symbol_category_class.svg/31px-Symbol_category_class.svg.png 2x" data-file-width="180" data-file-height="185" /></span></span> <a href="/wiki/Category:Private_equity_firms" title="Category:Private equity firms">Private equity firms</a></li> <li><span class="noviewer" typeof="mw:File"><span title="List-Class article"><img alt="" src="//upload.wikimedia.org/wikipedia/en/thumb/d/db/Symbol_list_class.svg/16px-Symbol_list_class.svg.png" decoding="async" width="16" height="16" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/en/thumb/d/db/Symbol_list_class.svg/23px-Symbol_list_class.svg.png 1.5x, //upload.wikimedia.org/wikipedia/en/thumb/d/db/Symbol_list_class.svg/31px-Symbol_list_class.svg.png 2x" data-file-width="180" data-file-height="185" /></span></span> <a href="/wiki/List_of_private_equity_firms" title="List of private equity firms">List of private equity firms</a></li> <li><span class="noviewer" typeof="mw:File"><span title="Category"><img alt="" src="//upload.wikimedia.org/wikipedia/en/thumb/9/96/Symbol_category_class.svg/16px-Symbol_category_class.svg.png" decoding="async" width="16" height="16" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/en/thumb/9/96/Symbol_category_class.svg/23px-Symbol_category_class.svg.png 1.5x, //upload.wikimedia.org/wikipedia/en/thumb/9/96/Symbol_category_class.svg/31px-Symbol_category_class.svg.png 2x" data-file-width="180" data-file-height="185" /></span></span><a href="/wiki/Category:Venture_capital_firms" title="Category:Venture capital firms">Venture capital firms</a></li> <li><span class="noviewer" typeof="mw:File"><span title="List-Class article"><img alt="" src="//upload.wikimedia.org/wikipedia/en/thumb/d/db/Symbol_list_class.svg/16px-Symbol_list_class.svg.png" decoding="async" width="16" height="16" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/en/thumb/d/db/Symbol_list_class.svg/23px-Symbol_list_class.svg.png 1.5x, //upload.wikimedia.org/wikipedia/en/thumb/d/db/Symbol_list_class.svg/31px-Symbol_list_class.svg.png 2x" data-file-width="180" data-file-height="185" /></span></span> <a href="/wiki/List_of_venture_capital_firms" title="List of venture capital firms">List of venture capital firms</a></li> <li><span class="noviewer" typeof="mw:File"><span title="Category"><img alt="" src="//upload.wikimedia.org/wikipedia/en/thumb/9/96/Symbol_category_class.svg/16px-Symbol_category_class.svg.png" decoding="async" width="16" height="16" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/en/thumb/9/96/Symbol_category_class.svg/23px-Symbol_category_class.svg.png 1.5x, //upload.wikimedia.org/wikipedia/en/thumb/9/96/Symbol_category_class.svg/31px-Symbol_category_class.svg.png 2x" data-file-width="180" data-file-height="185" /></span></span><a 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