Analysis of the growth of global tech ecosystems emphasise the importance of leadership, communities, culture, education and the need to stop trying to emulate Silicon Valley. International comparisons show that entrepreneurship can thrive with the right culture and perceptions, regardless of basic regulatory conditions. Global comparisons with other technology startup ecosystems suggest there is no better time to be an entrepreneur in developing countries , but achieving the projected economic contribution will require a significant and persistent effort to encourage more people to create more tech startups.
There are additional opportunities for startups to tap into other larger industries in developing countries today such as Finance and Insurance and Manufacturing. Over the longer term, the Health Care and Social Assistance industry, will provide significant opportunities as the fastest growing industry in Australia and the expected highest contributor to GDP in 2050. Through the application of technology to existing industry challenges tech startups are well placed to drive productivity growth throughout the economy by reducing both the (per unit) labour and capital inputs required to produce goods and services.
Support for tech startups has expanded rapidly over the last two years. To take advantage of this growing support t is time for tech entrepreneurs to step up and demonstrate to the ecosystem that they’re worth investing in and create a self sustaining cycle of success and support. Startups follow a trajectory towards success that includes a number of stages including ideation/prototyping, incubation where the concept is validated, commercialisation where the business model is validated and finally scaling to growth. The rate of progress may vary greatly. As startups move along this trajectory they may draw from a wide range of supporters. Entrepreneurs and supporters form an ecosystem of people and groups that create and support startups for their mutual benefit. There are differences in the maturity of areas of support as well as levels of support during the startup lifecycle. In particular, support during the ideation/prototyping and incubation stages and funding overall are young and developing. Significant progress has been made in the last two years although there is still a need to deepen the level and quantum of support.
Rasalkhaimah, usa, uk, london, dubai, business, sharktank, health, innoviation, technology, startup, entrepreneur, ras, al, khaimah, European, medical, center