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Startup ecosystems generally encompass the network of interactions between people, organizations, and their environment. Any particular start-up ecosystem [9] is defined by its collection of specific cities or online communities. In addition, resources like skills, time, and money are also essential components of a start-up ecosystem.
Startup ecosystem – following the financial downturn of 2008 and the long-lasting slow growth period, there have been increasing focus towards fostering more startup company creation around the world to further target regional support efforts towards those type of companies that have higher innovation, growth and job creation potential.
A startup or start-up is a company or project undertaken by an entrepreneur to seek, develop, and validate a scalable business model. [1] [2] While entrepreneurship includes all new businesses including self-employment and businesses that do not intend to go public, startups are new businesses that intend to grow large beyond the solo-founder. [3]
In Europe, the first accelerator program was started by Accelerace in 2009 in Denmark (strongly subsidised by the Danish government) followed shortly after by Startup Wise Guys in 2012 in Estonia. With the growing popularity of seed accelerator programs in the US, Europe has seen an increase in accelerators to support a growing startup ecosystem.
The ecosystem framework can be very useful for social entrepreneurs in formulating their strategy. The need for understanding the ecosystem of social enterprises has been increasingly supported as researchers emphasize on the importance of contextual factors supporting and constraining social ventures. [5]
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BLOCK71 Singapore, commonly known as "Blk71", is a factory building located in the Ayer Rajah Industrial Estate of one-north, Singapore. The Economist referred to BLOCK71 as the heart of Singapore's technology start-up ecosystem [1] and the world's most tightly packed entrepreneurial ecosystem. [2]
The concept ecosystem in economy and business stems from the ecosystem concept in ecology. Some environmentalists, however, have used "business ecosystems" as a way to talk about environmental issues as they relate to business rather than as a metaphor to describe the increasing complexity of relationships among companies.