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Technology-based startups are the rage. They are the enterprises of the digital age and precursors to some of the largest firms domestically and globally. Google, Amazon, Alibaba, and Gojek are famous examples. Startups are dynamic and innovative. They start small and thus begin life as small and medium-sized enterprises (SMEs). But they are different from traditional SMEs.
Tech startups are young entrepreneurial ventures that bring new and innovative technology-based products and services to market. They offer solutions to consumers and businesses; often to problems we didn't know existed. The business model is normally scalable, meaning activity can expand rapidly because solutions are offered on the internet and can reach a large customer base. In Schumpeterian terms, startups are creatively disruptive as they shake up the business world through innovative services and new business models. Revolutionary startups like Tesla and SpaceX aside, startups are heavy on skills and light on physical assets. - blog.adb.org/blogs
A version of this article appears in the print on December 3, 2021 of The Himalayan Times.
