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| Most new companies fail. What does it take for young entrepreneurs around the world to thrive in a startup hub?
Click here to subscribe to The Economist on YouTube: http://econ.st/2A1ieeK Over the past two decades start-ups have changed the world. Multi-billion dollar companies like Google, Facebook, and Uber have shown the transformative power of entrepreneurship. Today, innovators dream of their idea becoming the next big thing. But the odds are stacked against them. In America alone, 80% of startups will fail. In startup hubs around the world young entrepreneurs are desperate to prove they have what it takes to succeed. But what does it really take to survive? HoloMe is one of half a million companies to start up in Britain every year. The nations capital is a leading hub of innovation, inspiration, and creative energy. In London, and in cities world wide it’s the age of the entrepreneur. Startups are championed by governments who see them as key to building a dynamic economy, but the competition is cut-throat. To succeed, you’ve got to really believe in your product. The rise of the smartphone has brought a wave of global startup successes and inspired endless possibilities for new products. With the proliferation of digital technology and digital services, it’s become easier than ever to set up a business and to gamble everything on having the next big idea. In the first six months of 2017, Venture Capitalists pumped more than £1.1bn into London’s tech sector. But only two companies in every 1000 manage to get their hands on those funds. In fast moving startup hubs, adaptability is crucial for any would-be entrepreneur. For more from Economist Films visit: http://econ.st/2A2nGO8 In start-up hubs around the world, young entrepreneurs are desperate to prove they have what it takes to succeed. But the odds are stacked against them. What does it really take to survive in the hub? |
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