Over the past years we have seen increased globalization of the startup ecosystem. Due to the process of achieving digital connectivity, new opportunities have appeared to enhance international relations, enter global markets, and spread new ideas at a high rate. International accelerators and crowdfunding platforms play a key role in cross-border collaboration and promoting innovative companies in new markets, reflecting The Evolution of the Global Startup Ecosystem in recent years.
European startups are energizing wheelchairs using the brain, converting diesel-burning trucks into hybrid vehicles, enabling early breast cancer detection, and developing technologies that simplify the diagnosis and monitoring of chronic diseases. The world lives in an era of artificial intelligence, blockchain, the Internet of things (IoT), and augmented reality, which stimulated the establishment of startups on disruptive solutions. This emphasizes the concept of investment to maximize such technologies in any industry.
United States: Signs of relative stagnation
Whether in the health care sector to the agricultural sector and transform the traditional industry to give an opportunity of innovation blossom. And, although investment decreased, experts forecast that investors will provide Spanish startups with around 1.5 billion euros of funding in 2023, much of which they will invest in the sector of artificial intelligence, a fundamental and growing sector wherein unicorn companies plan to invest in 2024.
A case in point in Spain is Galicia region, which is facing an entrepreneurial boom moment, and numerous institutions are wagering on accelerators and innovation ecosystems. Nonetheless, the specialists guarantee that Galicia is slightly behind hands in the startup industry to the leading Spanish cities including Madrid or Barcelona roughly by any measure of 10-15 years. In the case of competing with the larger cities that belong to more decentralized regions it will be complex Nevertheless, the Xunta de Galicia and other institutions have created some Business Factories.
Cabo Verde: Western Africa’s Fastest Growing Country
Vertical accelerators that seek the growth of innovating businesses in a given sector, e.g. aerospace, food or automotive. Similarly, in the Mindtech fair, both the Xunta de Galicia and the organizers publicize, publicize, and showcase these newly established companies actively through the Mindtech Startup Arena—an exhibition space in the main industrial fair of the Iberian Pole, Mindtech—specifically for new, technology-based companies in the industry. In the same way, the Mindtech Startup Event also has a competition, as through it various startups compete.
Offering innovative answers to the problems linked to the current reality of the industrial and technological sector, in emerging fields such as the transformation and digitalisation of industrial processes, energy efficiency and reduction of environmental impact; circular economy or sustainability. Discover here how the recent version of this contest turned out.
Ecosystems to Watch
In that case of those Galician-based technology companies that are interested in making a quantitative leap in their business, this week the Xunta de Galicia has opened the process of applying the first specific program to assist Galician startups, with the allocation of 1.5 million euros under the scope of advancing entrepreneurial projects of innovative business projects.
Opportunities and challenges that entrepreneurs have are constantly changing on a worldwide scale. According to Schumpeter (1934), entrepreneurship is an activity where people use opportunities in order to innovate. But, this process of being an entrepreneur had started garnering a lot of attention by the scholars and practitioners in late nineties. According to a study that was carried by Malecki (2017), it is said that by 2016, entrepreneurship ecosystem becomes a dominant subject.
Conclusion
Entrepreneurship is one of the topics that are important in economic development in advanced and emerging economies (Ahlstrom and Bruton, 2008; Bruton et al., 2008). Audretsch (2003) states that; small and medium sized-enterprises have been the drivers of employment and innovation in advanced economies. A study conducted by Wansleben (2013) has predicted that by 2050, the economies of Brazil, China, India, and Russia (BRIC) will outperform that of the G6, France, Germany, Italy, Japan, United Kingdom and the United States.
The ecosystem may either remain balanced or be open to the surroundings (McKenzie and Sud, 2009). Cooperation of the actors and external factors will determine the survival of an ecosystem (O Connor and al., 2018). Skills in entrepreneurship translate in the outcome of the entrepreneurial activity due to the formation of innovative firms, companies with high growth, or as an employee of an entrepreneur (Stam, 2014).