Startup company

A startup or start up is a company initiated

by individual founders or entrepreneurs to
search for a repeatable and scalable
business model. More specifically, a
startup is a newly emerged business
venture that aims to develop a viable
business model to meet a marketplace
need or problem. Founders design
startups to effectively develop and validate
a scalable business model.[1][2] Hence, the
concepts of startups and entrepreneurship
are similar. However, entrepreneurship
refers all new businesses, including self-
employment and businesses that never
intend to grow big or become registered,
while startups refer to new businesses
that intend to grow beyond the solo
founder, have employees, and intend to
grow large. Start ups face high
uncertainty[3] and do have high rates of
failure, but the minority that go on to be
successful companies have the potential
to become large and influential.[4] Some
startups become unicorns, i.e. privately
held startup companies valued at over $1
billion.
Startup actions
Startups typically begin by a founder (solo-
founder) or co-founders who have a way to
solve a problem. The founder(s) of a
startup will begin market validation by
problem interview, solution interview, and
then building a minimum viable product
(MVP), i.e. a prototype, to develop and
validate the business models. The startup
process can take a long period of time, by
one estimate, three years or longer, (Carter
et al., 1996; Reynolds & Miller, 1992), and
hence sustaining effort is required.
However sustaining effort over the long
term is especially challenging because of
the high failure rates and uncertain
outcomes.[5]

Design principles

Startups concerns possibilities of starting

ventures and therefore is a design science.
Design science uses design principles
which are a coherent set of normative
ideas and propositions to design and
construct startups.[6] For example, one of
the initial design principles in effectuation
is "affordable loss".[7]

It’s better to first make a must-have for a

small number of users (early adopters)
than a nice-to-have for a large number of
users. It is much easier to get more users
than to go from nice-to-have to must-have.

Heuristics and biases in startup

actions

Because of the lack of information, high

uncertainty, the need to make decisions
quickly, founders of startups use lots of
heuristics and exhibit biases in their
startup actions. Biases and heuristics are
parts of our cognitive toolboxes in the
decision making process, and they help us
to take a decision as quick as possible
under uncertainty, but sometimes become
erroneous and fallacious.[8]
Entrepreneurs often become not only
overconfident about their startups but also
about their personal influence on an
outcome (case of illusion of control).
Entrepreneurs tend to believe they have
more degree of control they have over
events, discounting the role of luck. Below
are some of the most important decision
biases of entrepreneurs in start up a new
business.[8]

1. Overconfidence
Overconfidence:: Perceive a subjective
certainty higher than the objective
accuracy.
2. Illusion of control:
control: Overemphasize how
much skills, instead of chance, improve
performance.
3. The law of small numbers:
numbers: Reach
conclusions about a larger population
using a limited sample.
4. Availability bias:
bias: Make judgments about
the probability of events based on how
easy it is to think of examples.
5. Escalation of commitment:
commitment: Persist
unduly with unsuccessful initiatives or
courses of action.

Startups use a number of action principles

(lean startup) to generate evidence as
quickly as possible to reduce the
downside effect of decision biases such
as escalation of commitment,
overconfidence, and illusion of control.

Mentoring

Many entrepreneurs seek feedback from

mentors in creating their startups. Mentors
guide founders and impart entrepreneurial
skills and may increase self-efficacy of the
nascent entrepreneurs.[9]

Startup principles
There are many principles in creating a
startup.

Lean startup
Lean startup is a popular set of principles
to create and design startups under
limited resources and tremendous
uncertainty to build their ventures more
flexibly and at 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.[10] The empirical tests 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 principle 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,
lean startup focuses on a few lean
principles:

find a problem worth solving, then define

a solution
engage early adopters for market
validation
continually test with smaller, faster
iterations
build a function, measure customer
response, and verify/refute the idea
 evidence-based decisions on when to
"pivot" by changing your plan's course
maximize the efforts for speed, learning,
and focus

Market validation

A key principle of startup is to validate the

market need before building a solution to
avoid business ideas with weak demand.

Design thinking

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 will manifest themselves in
the sources of information, the type of
information sought, and the interpretation
of that information.[11] Encouraging people
to “consider the opposite” of whatever
decision they are about to make tends to
reduce biases such as overconfidence, the
hindsight bias, and anchoring (Larrick,
2004; Mussweiler, Strack, & Pfeiffer, 2000).

Decision-making under
uncertainty

In startups, many decisions are made

under uncertainty[3], 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.

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).[3]

Partnering

Startups may form partnerships with other

firms to enable their business model to
operate.[12] 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 inheritor 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 that has a dominant
design (a clear standard is applied in this
market). In contrast to this profile is the
originator which has a management style
that is highly entrepreneurial and in which
a radical invention or a disruptive
innovation (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 becoming successful.[13]

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 (2018)[14] argue that startups can
learn from their relationships with other
firms, and even if the relationship ends, the
startup can have gained valuable
knowledge about how it should move on.
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 (2018):[14]

Change of business concept for the

start up
Change of collaboration constellation
(change several relationships)
Change of characteristic of business
relationship (with the partner, e.g. from a
transactional relationship to more of a
collaborative type of relationship)

Entrepreneurial learning
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.[15] To learn effectively, founders
often formulate falsifiable hypotheses,
build a minimum viable product (MVP),
and conduct A/B testing.

Business Model Design

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.”[16]

Founders/Entrepreneurs
Founders or (Co)founders are people
involved in the initial launch of startup
companies. Anyone can be a co-founder,
and an existing company can also be a co-
founder, but the most common co-
founders are founder-CEOs, engineers,
hackers, web developers, web designers
and others involved in the ground level of a
new, often venture. The founder that is
responsible for the overall strategy of the
startup plays the role of founder-CEOs,
much like CEOs in established firms.

The language of securities regulation in

the United States considers co-founders to
be "promoters" under Regulation D. The
U.S. Securities and Exchange Commission
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;[17] However, not every promoter is a
co-founder. In fact, there is no formal, legal
definition of what makes somebody a co-
founder.[18][19] 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 SHA), disputes
about who the co-founders are can arise.

Self-efficacy
Self-efficacy refers to the confidence an
individual has to create a new business or
startup. It has a strong relation with
startup actions.[20] Entrepreneurs' sense of
self-efficacy can play a major role in how
they approaches 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.

Stress

Entrepreneurs often feel stressed. They

”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.” — Iman Jalali, chief of staff at
ContextMedia[21]

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.[22]
Coping with stress is critical to
entrepreneurs because of the stressful
nature of start up a new firm under
uncertainty. Coping stress unsuccessfully,
entrepreneurs could be victims of
stressors and lead to emotional
exhaustion, and the founders may close or
exit the startups.

Emotional exhaustion

Sustaining effort is required as the startup

process can take a long period of time, by
one estimate, three years or longer (Carter
et al., 1996; Reynolds & Miller, 1992).
Sustaining effort over the long term is
especially challenging because of the high
failure rates and uncertain outcomes.[22]

Founder Identity and Culture

Some startup founders have a more

casual or offbeat attitude in their dress,
office space and marketing, as compared
to executives in established corporations.
For example, startup founders in the
2010s may wear hoodies, sneakers and
other casual clothes to business
meetings. Their offices may have
recreational facilities in them, such as pool
tables, ping pong tables, foosball tables
and pinball machines, 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. In a 1960 study,
Douglas McGregor 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.[23] 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 stock
options, 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.

Failure
The failure rate of startup companies is
very high. A 2014 article in Fortune
estimated that 90% of startups ultimately
fail. In a sample of 101 unsuccessful start
ups, the top five factors in failure were 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%).[4]
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.[24]

Re-starters

Failed entrepreneurs, or restarters, who

after some time restart in the same sector
with more or less the same activities, have
an increased chance of becoming a better
entrepreneur.[25] However, some studies
indicate that restarters are more heavily
discouraged in Europe than in the US.[26]

Startup training
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.[27]

“The best way of learning about anything

is by doing.” – Richard Branson
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.[28]
Entrepreneurship education is effective in
increasing the entrepreneurial attitudes
and perceived behavioral control[29],
helping people and their businesses
grow.[28] Most of startup training falls into
the mode of experiential learning (Cooper
et al., 2004; Pittaway and Cope, 2007), in
which students are exposed to a large
extent to a real-life entrepreneurship
context as new venture teams (Wu et al.,
2009).[10] An example of group-based
experiential startup training is the Lean
LaunchPad initiative that applies the
principles of customer development
(Blank and Dorf, 2012) and Lean Startup
(Ries, 2011) to technology-based startup
projects.

As startups are typically thought to

operate under a notable lack of
resources[30], have little or no operating
history[31], and to consist of individuals
with little practical experience[32][33], 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.[34] 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.[35]

To date, much of the entrepreneurship

training is yet personalized to match the
participants and the training.
Startup ecosystem

A startup ecosystem can contribute to local

entrepreneurial culture.

The size and maturity of the startup

ecosystem 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, angel investors, 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, Chambers of commerce)
business incubators and business
accelerators and top-performing
entrepreneurial firms and startups. A
region with all of these elements is
considered to be a "strong" startup
ecosystem. One of the most famous
startup ecosystems is Silicon Valley in
California, where major computer and
internet firms and top universities such as
Stanford University create a stimulating
startup environment, Boston (where
Massachusetts Institute of Technology is
located) and Berlin, home of WISTA (a top
research area), numerous creative
industries, leading entrepreneurs and
startup firms.

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 internet bubble 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 - Silicon Valley,
an area of northern California renowned
for the high level of startup company
activity:

The spark that set off the

explosive boom of "Silicon
startups" in Stanford Industrial
Park was a personal dispute in
1957 between employees of
Shockley Semiconductor and the
company’s namesake and
founder, Nobel laureate and co-
inventor of the transistor
William Shockley... (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
began 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...[36]
Startup advocates are also trying to build a
community of tech startups in New York
City with organizations like NY Tech Meet
Up[37] and Built in NYC.[38] In the early
2000s, the patent assets of failed startup
companies are being purchased by what
are derogatorily known as patent trolls,
who then take the patents from the
companies and assert those patents
against companies that might be
infringing the technology covered by the
patent.[39]

Startup investing
Diagram of the typical financing cycle for a startup
company.

Startup investing is the action of making

an investment in an early-stage company
(the startup 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. In the United States,
the solicitation of funds became easier for
startups as result of the JOBS
Act.[40][41][42][43] Prior to the advent of
equity crowdfunding, 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 initial public offering
(IPO) that typically involved a listing of the
startup's securities on a stock exchange.
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
discussion of business conditions by
management that investors and potential
investors routinely receive from registered
public companies.[44]

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). Attractive
startups generally have lower
"bootstrapping" (self-funding of startups
by the founders) costs, higher risk, and
higher potential return on investment.
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.[45]
Timing has often been the single most
important factor for biggest startup
successes,[46] while at the same time it's
identified to be one of the hardest things
to master by many serial entrepreneurs
and investors.[47]
Startups have several options for funding.
Revenue-based financing lenders can help
startup companies by providing non-
dilutive growth capital in exchange for a
percentage of monthly revenue.[48] Venture
capital firms and angel investors may help
startup companies begin operations,
exchanging seed money for an equity
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.
Factoring is another option, though it is
not unique to startups. Other funding
opportunities include various forms of
crowdfunding, for example equity
crowdfunding,[49] in which the startup
seeks funding from a large number of
individuals, typically by pitching their idea
on the Internet.

Necessity of funding

While some (would-be) entrepreneurs

believe that they can’t start a company
without funding from VC, Angel, etc. That
is not the case.[50]

Startup valuations

If a company's value is based on its

technology, it is often equally important for
the business owners to obtain intellectual
property protection for their idea. The
newsmagazine The Economist estimated
that up to 75% of the value of US public
companies is now based on their
intellectual property (up from 40% in
1980).[51] 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 intellectual capital as early
as possible.[52] 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.

Investing rounds

When investing in a startup, there are

different types of stages in which the
investor can participate. The first round is
called seed round. 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. At
this level angel investors will be the ones
participating. The next round is called
Series 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 super angel investors. The next rounds
are Series B, C, and D. These three rounds
are the ones leading towards the IPO.
Venture capital firms and private equity
firms will be participating.[53]
History of startup investing

After the Great Depression, 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 Securities Act of
1933. 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 Y Combinator 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.

Following Y Combinator, many

accelerators with similar models have
emerged around the world. The
accelerator model have since become very
common and widely spread and they are
key organizations of any Startup
ecosystem. Title II of the Jumpstart Our
Business Startups Act (JOBS Act), first
implemented on September 23, 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 accredited
investors are allowed to purchase the
securities.[54][55][56] 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,[57] many countries are
actively updating their regulation in
regards to crowdfunding.

Investing online

The first known investment-based

crowdfunding platform for startups was
launched in Feb. 2010 by Grow VC,[58]
followed by the first US. based company
ProFounder launching model for startups
to raise investments directly on the site,[59]
but ProFounder later decided to shut down
its business due regulatory reasons
preventing them from continuing,[60]
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 SeedInvest
and CircleUp started to emerge in 2011
and platforms such as investiere,
Companisto and Seedrs in Europe and
OurCrowd 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.[61][62]

Internal startups
Internal startups are a form of corporate
entrepreneurship.[63] Large or well-
established companies often try to
promote innovation by setting up "internal
startups", new business divisions that
operate at arm's length from the rest of the
company. Examples include Bell Labs, a
research unit within Bell Corporation and
Target Corporation (which began as an
internal startup of the Dayton's department
store chain) and threedegrees, a product
developed by an internal startup of
Microsoft.[64] To accommodate startups
internally, companies, such as Google has
made strides to make purchased startups
and their workers feel at home in their
offices, even letting them bring their dogs
to work.[65]

Unicorns
Some startups become big and they
become unicorns, i.e. privately held startup
companies valued at over $1 billion. The
term was coined in 2013 by venture
capitalist Aileen Lee, choosing the
mythical animal to represent the statistical
rarity of such successful ventures.
According to TechCrunch, there were 279
unicorns as of March 2018, and most of
the unicorns are in China, followed by the
USA. The unicorns are concentrated in a
few countries: China (131), US (76), India
(14), UK (7), Indonesia (4), Argentina (4),
Singapore (3), Switzerland (2), South Korea
(2), Hong Kong (2), and 13 countries (1
each). The largest unicorns included Ant
Financial, ByteDance, DiDi, Uber, Xiaomi,
and Airbnb.
See also
Business incubator
Business plan
Deep tech
Innovation
Liquidity event
Platform cooperative
Unicorn bubble
Wikiversity:Learning Resource about
Start up Finance

References
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Entrepreneurship Jnl. 6 (2): 116–132.
doi:10.1002/sej.1130 . Retrieved 18 May
2017.
3. Schmitt, A. (2018). "A Dynamic Model of
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