What's up what's up what's up12/19/2023 Oftentimes, a startup will begin with a basic skeleton of a product called a minimal viable product (MVP) that it will test and revise until it’s ready to go to market. They often do this through a process called iteration in which they continuously improve products through feedback and usage data. Startups aim to build on ideas very quickly. There’s another key factor that distinguishes startups from other companies: speed and growth. In turn, this delivers a scale individual restaurants can’t touch: tens of millions of potential customers, instead of thousands. In the food industry, that may mean offering meal kits, like Blue Apron or Dinnerly, to provide the same thing as restaurants-a meal prepared by a chef-but with convenience and choice that sit-down places can’t match. That is, they work from an existing template of how a business should work.Ī startup aims to create an entirely new template. A prospective restaurant owner may franchise an existing restaurant. Regular companies duplicate what’s been done before. What distinguishes a startup from other businesses, though, is the way a startup goes about doing that. A group of employees work together to create a product that customers will buy. On a high level, a startup works like any other company. You may be most familiar with startups in Big Tech-think Facebook, Amazon, Apple, Netflix, Google, collectively known as FAANG stocks-but even companies like WeWork, Peloton and Beyond Meat are considered startups. That’s why many startups are known within their respective industries as “disruptors.” Rooted in innovation, a startup aims to remedy deficiencies of existing products or create entirely new categories of goods and services, disrupting entrenched ways of thinking and doing business for entire industries. Startups are young companies founded to develop a unique product or service, bring it to market and make it irresistible and irreplaceable for customers. Startup founders dream of giving society something it needs but hasn’t created yet-generating eye-popping valuations that lead to an initial public offering ( IPO) and an astronomical return on investment. Startups are businesses that want to disrupt industries and change the world-and do it all at scale.
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