Innovative startups have a disproportionate impact on innovation and economic growth and there is huge interest in understanding how they work and what they need to be successful. Understanding the differences in the types of startups and their trajectories is key to this, yet this diversity is too often overlooked.
Innovative startups range from video games companies in Dundee to crowdfunding sites in Exeter; from businesses producing events software in Cardiff to London startups that help unfulfilled employees find jobs outside the corporate world.
Understanding this diversity is particularly important as these startups face very different challenges as they grow and require different types of support. Startups inventing new solar cells require millions of pounds of investment before selling to customers. This differs greatly from a business that can use consultancy models to generate revenue from the start or startups in the health sector which sell to a few big organisations like the NHS.
To support tomorrow’s innovators, we need to start taking a broader and more nuanced look at startups. That way, we can ensure that we understand their different trajectories and the types of barriers they face – to help more of them be successful.
Here is our list of 20 diverse startups that help us understand how hard-tech and non-tech/low-tech as well as digital startups differ in the challenges they face and the support they require.
Are you a startup or do you work with startups and have some key insights to share? Let us know what you think by posting your comments below!