Search results for: start-up business

Authors: Sadaf Zahra Usman

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Business Incubation has become a pervasive phenomenon in numerous parts of the world and is seen as a tool for creating a startup ecosystem. The reason for greatest barriers to the advancement of business incubation centers is the need for an entrepreneurial ecosystem and underdeveloped financial assistance and angel investor networks for startup firms. Business incubation helps in creating successful startup ventures by providing administrative support services and assistance in creating their ventures. We identify incubators into three categories: University incubation centers (UICs), Private incubators (PICs), and Government incubator centers (GICs) to measure the influence of different types of business incubation practices and their performance by using a survey questionnaire from incubation managers across Pakistan. The analysis is conducted on eight Business incubators. Results suggest that the quality of incubation centers is extremely important in this regard. The research anticipated helping policymakers, government officials, and incubation management to utilize business incubation more effectively to “hatch” innovation-based entrepreneurial development.

Keywords: entrepreneurship, unemployment, startups, economy, business incubation practice

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Authors: Soham Chakraborty

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This article examines the development of start-up culture in India, its development as well as related impact on the Indian society. Another vibrant synonym of start-up in the present century can be starting afresh. Startups have become the new flavor of this decade. A startup ecosystem is formed by mainly the new generation in the making. A startup ecosystem involves a variety of elements without which a startup can never prosper, they are—ideas, inventions, innovations as well as authentic research in the field into which one is interested, mentors, advisors, funding bodies, service provider organizations, angel, venture and so on. The culture of startup is quiet nascent but rampant in India. This is largely due to the widespread of media as a medium through which the newfangled entrepreneurs can spread their word of mouth far and wide. Different kinds of media such as Television, Radio, Internet, Print media and so on, act as the weapon to any startup company in India. The article explores how there is a sudden shift in the growing Indian economy due to the rise of startup ecosystem. There are various reasons, which are the result of the growing success of startup in India, firstly, entrepreneurs are building up startup ideas on the basis of various international startup but giving them a pinch of Indian flavor; secondly, business models are framed based on the current problems that people face in the modern century; thirdly, balance between social and technological entrepreneurs and lastly, quality of mentorship. The Government of India boasts startup as a flagship initiative. Bunch full of benefits and assistance was declared in an event named as 'Start Up India, Stand Up India' on 16th January 2016 by the current Prime Minister of India Mr. Narendra Modi. One of the biggest boon that increasing startups are creating in the society is the proliferation of self-employment. Noted Startups which are thriving in India are like OYO, Where’s The Food (WTF), TVF Pitchers, Flipkart and so on are examples of India is getting covered up by various innovative startups. The deep impact can be felt by each Indian after a few years as various governmental and non-governmental policies and agendas are helping in the sprawling up of startups and have mushroom growth in India. The impact of startup uprising in India is also possible due to increasing globalization which is leading to the eradication of national borders, thereby creating the environment to enlarge one’s business model. To conclude, this article points out on the correlation between rising startup in Indian market and its increasing developmental benefits for the people at large. Internationally, various business portals are tagging India to be the world’s fastest growing startup ecosystem.

Keywords: business, ecosystem, entrepreneurs, media, globalization, startup

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Authors: Abeba Nigussie Turi, Xiangming Samuel Li

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Data-driven business models are more typical for established businesses than early-stage startups that strive to penetrate a market. This paper provided an extensive discussion on the principles of data analytics for early-stage digital entrepreneurial businesses. Here, we developed data-driven decision-making (DDDM) framework that applies to startups prone to multifaceted barriers in the form of poor data access, technical and financial constraints, to state some. The startup DDDM framework proposed in this paper is novel in its form encompassing startup data analytics enablers and metrics aligning with startups' business models ranging from customer-centric product development to servitization which is the future of modern digital entrepreneurship.

Keywords: startup data analytics, data-driven decision-making, data acquisition, data generation, digital entrepreneurship

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Authors: Mohammad Mehdizadeh, Sara Miri

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Due to the recent events surrounding the global health crisis and the spread of the coronavirus (COVID-19), the activities of many businesses and start-up companies have been disrupted. It solves many economic problems and can reduce unemployment in countries because governments can take advantage of their potential without direct investment. However, with the help of their innovative ideas and new technologies, these companies can develop and grow the economy. But it is essential to consider that there will be no guarantee of their success in the event of unforeseen events, as the coronavirus outbreak in the last two years has seriously damaged these companies and, like other businesses, challenges and stagnation have started. The startup companies' challenge in the face of coronavirus begins with its impact on customers. Changing customer behavior can affect their products and distribution channels. On the other hand, to prevent countless losses in this crisis, startup companies require creative solutions to address challenges in various areas of human capital, supply chain management, sales and marketing, and so on. Therefore, all business leaders must consider and plan for the current crisis and the future; after overcoming these conditions and returning to regular business routines, it will no longer be an option, and new situations will prevail in a competitive environment. The essential strategies for developing and growing startups during the Coronavirus outbreak can be connecting with the global startup ecosystem, hosting webinars, providing podcasts and free question and answer sessions, mentoring services to growing teams, and consulting pointed out this to firms for digitalization.

Keywords: business, COVID-19, digitalization, startups

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Authors: Saurabh Ahluwalia, Sul Kassicieh

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The conventional wisdom has maintained that being in proximity to entrepreneurial ecosystems helps startups to raise financing, develop and grow. In this paper, we examine the effect of a major component of an entrepreneurial ecosystem- financial or venture capital clusters on the exit of a startup through mergers and acquisitions (M&A). We find that the presence of a venture capitalist in a venture capital (VC) cluster is a major success factor for M&A exits. The location of startups in the top VC clusters did not turn out to be significant for success. Our results are robust to different specifications of the model that use different time periods, types of success, the reputation of VC, industry and the quality of the startup company. Our results provide evidence for VCs, startups and policymakers who want to better understand the components of entrepreneurial ecosystems and their relation to the M&A exits of startups.

Keywords: financial institution, mergers and acquisitions, startup financing, venture capital

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Authors: Nada Basset

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Problem Statement: The study examines the important role of leading change inside start-ups and highlights the challenges faced by an entrepreneur during the startup phase of the business. Research Methods/Procedures/Approaches: A qualitative research approach is taken, using the case study analysis method. A comparative study was made between two day care nurseries in Greater Cairo. Non-probability purposive sampling was used and a triangulation of semi-structured interviews, document analysis and participant-observation were applied simultaneously. The in-depth case study analysis took place over a longitudinal study of four calendar months. Results/Findings: Findings demonstrated that leading change in an entrepreneurial setup must be initiated by the entrepreneur, who must also be the owner of the change process. Another important finding showed that the culture of change, although created by the entrepreneur, needs the support and engagement of followers, who should be sharing the same value system and vision of the entrepreneur. Conclusions and Implications: An important implication suggests that during the first year of a start-up lifecycle, special emphasis must be made to the recruitment and selection of personnel, who should play a role into setting the new start-up culture and help it grow or shrink. Another drawn conclusion is that the success of the change must be measured in both quantitative and qualitative terms. Increasing revenues and customer attrition rates -as quantitative KPIs- must be aligned with other qualitative KPIs like customer satisfaction, employee satisfaction, and organizational commitment and business reputation. Originality of Paper: The paper addresses change management in an entrepreneurial concept, with an empirical application on an Egyptian start-up model providing a service to both adults and children. This privileges the research as the constructs measured merged together the level of satisfaction of employees, decision-makers (parents of children), and the users (children).

Keywords: leadership, change management, entrepreneurship, startup business

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Authors: Kalpeshkumar L. Gupta, Shivali Rathore

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India is home to over 30 crore rural poor, aware of the criticality of the situation that has made to come with an innovative business idea. Entrepreneurship in India is on the verge of explosive growth and which is actually need of an hour for employment generation, poverty elevation at grass root through developmental intervention. India economic progress has started from the development of its small and medium scale enterprises to ensure that the sectors continues to stay competitive and achieve sustained growth in the era of global economy many incubators centers has been established with the mission to give the encouragement to many innovative ideas. If we define an Incubator, it is simply an enclosed apparatus in which premature small babies are placed and which provides a controlled and protective environment for their care this gives them a chance to adjust to outside environment, and grow stronger before they face the outside world. In a similar way the startup entrepreneur’s business idea is incubated in the incubation centers. Entrepreneurship has been conventionally rated as risky career, to break the myth and to augment the supply of new entrepreneurs through education; research training the incubation centers has been established, their goal is to help create and grow young businesses by providing them with necessary support and financial and technical services. The startup companies spend on an average two years in a business incubator during which numerous benefits like funding, office space, equipment’s etc. is provided by the incubators to the startup business. Present paper will study the background, role, objectives of different incubators set up in Indian Institute of Management (IIMs) and Indian Institute of Technology (IITs) for our study.

Keywords: incubation centres, entrepreneurship, Indian Institute of Management, Indian Institute of Technology

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Authors: Ngoc T. B. Hoang

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With a young population showing a greatly entrepreneurial spirit, Vietnam has become a potential land for a growing knowledge-based entrepreneurial ecosystem (KBEE). KBEE is the key to new job formation, and well solution for the crisis of unemployment of higher education graduates and powerful engine for knowledge-based development and building the knowledge based economy in Vietnam. Consequently, Vietnam is attempting to build a healthy KBEE, giving local entrepreneurs more opportunities to develop their businesses. The purpose of the research article is to sketch up a general map to show the current situation of Vietnam's startup ecosystem in the beginning of a startup nation and take into consideration the influence of socio-cultural norms, institutional landscape and socio-economic factors on motivation to develop a KBEE. This paper also proposes a qualitative approach to explore the relationship between these and other elements of Vietnamese entrepreneurial ecosystems. Eventually, viable recommendations are drawn for Vietnamese entrepreneurs and policymakers to improve the quality of the knowledge-based entrepreneurial ecosystem in Vietnam.

Keywords: entrepreneurship, knowledge-based entrepreneurial ecosystem, startup ecosystem, Vietnam

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Authors: Rattakorn Poonsuph

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Technological innovation plays a crucial role in virtual healthcare services. A growing number of telehealth platforms are concentrating on using digital tools to improve the quality and availability of care. As a result, telehealth represents an opportunity to redesign the way health services are delivered. The research objective is to discover a new business model for digital health services and related industries to participate with telehealth solutions. The business opportunity is valuable for healthcare investors as a startup company to further investigations or implement the telehealth platform. The paper presents a digital healthcare business model and business opportunities to related industries. These include digital healthcare services extending from a traditional business model and use cases of business opportunities to related industries. Although there are enormous business opportunities, telehealth is still challenging due to the patient adaption and digital transformation process within a healthcare organization.

Keywords: telehealth, Internet hospital, HealthTech, InsurTech

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Authors: Erinma Chibuzo Nwandu

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Graduates unemployment has risen astronomically in spite of the emphasis on teaching of small scale business and Entrepreneurship in schools. This study sets out to evaluate the effect of teaching small scale business and Entrepreneurship on graduates’ unemployment in Nigeria. This study adopted the survey research design. Thus the nature of data for this study is primary, sourced by the use of a questionnaire administered to a sample of two thousand and sixty-five (2065) respondents drawn from groups of graduates who are employed, unemployed and self-employed in South East Nigeria. Simple percentages, Chi-square and regression analysis were used to derive useful and meaningful information and test the hypotheses respectively. Findings from the study suggest that Nigeria graduates are ill prepared to embark on small-scale business and entrepreneurship after graduation, and that teaching of small scale business and entrepreneurship in Nigeria tertiary institutions is ineffective on graduate unemployment reduction. Findings also suggest that while a lot of graduates agreed that they have taken a class(s) on small scale or entrepreneurship, they received more theoretical teachings than practical, more so while teachings on small scale business or entrepreneurship motivated graduates to think of self-employment, most of them cannot do a good business plan and hence could not benefit from some kind of Government assisted program for small-scale business and bank loan for the sake of small scale business. Thus, so many graduates are not interested in small scale business or entrepreneurship development as a result of lack of startup capital. The study thus recommends that course content and teaching method of entrepreneurship education needs to be reviewed and re-structured to constitute more practical teachings than theoretical teachings. Also, graduates should be exposed to seminar /workshop for self-employment at least once every semester. There should be practical teaching and practice of developing a business plan that will be viable to attract government or private sponsorship as well for it to be viable to attract financing from financing institutions. Government should provide a fund such as venture capital financing arrangement to empower business startups in Nigeria by graduates’.

Keywords: entrepreneurship, small scale business, startup capital, unemployment

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Authors: Joanna Konstantinou

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The study is about the challenges faced by entrepreneurs in a crisis context and in turbulent economies. The scope is to determine which factors, if any, are related to the success of a new business venture, such as innovation, access to funding and capital, enhanced digital skills, employment relations and organizational culture as well as a company’s strategic orientation towards international markets. The crisis context has been recorded to have affected the number of SMEs in the Greek economy, the number of people employed as well as the volume of the output produced. Although not all SMEs have been equally impacted by the crisis, which has been identified to affect certain sectors more than others, and although research is not exhaustive in that end, employment relations and patterns, firm’s age, and innovation practices in relation to employees’ learning curve seem to have a positive correlation with the successful survival and resilience of the firm. The aim is to identify important factors that can contribute positively to the success of a startup business, and that will allow businesses to acquire resilience and survive economic adversities, and it will focus on businesses of the Greek economy, the country with the longer lasting economic crisis and the findings will be lessons to learn for other economies.

Keywords: entrepreneurship, innovation, crisis, challenges

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Authors: Panagiotis I. Mallios, Vassilis S. Moustakis

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The research reported herein presents a conceptual model that explores the relationship between social media factors and entrepreneurial intention, with a focus on the Greek startup ecosystem. The significance of the study is that social media have gained importance in explaining the entrepreneurial process, and through them, nascent and potential entrepreneurs seem to get inspired and motivated to initiate their businesses. The research methodology employed in this study included a qualitative research approach, utilizing in-depth interviews with a sample of 15 startup entrepreneurs providing valuable retrospective information. The data collected were analyzed using the content analysis method. The major findings of the study are that social media factors such as usefulness, influence, and credibility have a significant impact on entrepreneurial intention. We also found that social media can be a powerful tool for entrepreneurs to access resources, knowledge and networks that can help them in their venture creation. Overall, this research contributes to the entrepreneurship literature by uncovering the relationship between social media factors and entrepreneurial intention and has implications for entrepreneurial education, policymakers, and official partners, highlighting the potential of social media to enhance the startup ecosystem.

Keywords: entrepreneurial intention, social media, start up ecosystem, entrepreneurship

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Authors: Cedric Herring, Loren Henderson, Hayward Derrick Horton, Melvin Thomas

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This paper asks whether business startups benefit from having racially diverse founding ownership teams. Using nationally representative data from the Kauffman Firm Survey, the analysis examines the relationship between the racial diversity of the founding ownership teams of business startups and their net worth, revenue, debt, and profits. The analysis shows that, net of firm characteristics and human capital characteristics, startups with racially diverse founding teams have higher net worth, lower debt, and greater profits than their non-diverse counterparts. The racial diversity of ownership teams is not, however, related to startup firms’ revenues, net of other factors. The implications of these findings are explored.

Keywords: racial diversity, business startups, founding ownership teams, diversity and business performance

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Authors: Sruthi Kannan

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The ongoing covid pandemic has accelerated digital transformation like never before. The physical barriers brought in as a result of the pandemic are being bridged by digital alternatives. While basic collaborative activities like voice, video calling, screen sharing have been replicated in these alternatives, there are several others that require a more intimate setup. Pitching, showcasing, and providing demonstrations are an integral part of selling strategies for startups. Traditionally these have been in-person engagements, enabling a depth of understanding of the startups’ offerings. In the new normal scenario of virtual-only connects, startups are feeling the brunt of the lack of in-person connections with potential customers and investors. This poster demonstrates how a virtual reality platform has been conceptualized and custom-built for startups to engage with their stakeholders and redefine their selling strategies. This virtual reality platform is intended to provide an immersive experience for startup showcases and offers the nearest possible alternative to physical meetings for the startup ecosystem, thereby opening newer frontiers for entrepreneurial collaborations.

Keywords: collaboration, sales, startups, strategy, virtual reality

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Authors: Victoria Wolf, Renata Dobrucka, Robert Prezkop, Stephan Haubold

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The COVID-19 causes a worldwide crisis and has an impact in every dimension of the economy. Organizations with the ability to adapt to new developments and which innovate solutions for the disrupted world during and after the Corona crises have the opportunity to not only survive the crisis but rather to use new trends to implement new business models and gain advantage. In this context, startups seem to have better opportunities to manage the Corona crisis through their innovation-based nature. The main result of this paper is the understanding that by applying a startup orientated innovation (SOCI) strategy, established companies can be motivated to meet the challenge of COVID-19 in a similar way like startups. This result can be achieved by describing the role of innovation and a SOCI strategy as helpful methods for organizations to meet the coming challenges during and after the COVID-19 epidemics. In addition to this, this paper presents a practical application of SOCI through the PANDA approach of the Fresenius University of Applied Sciences in Germany and discuss it in the context of COVID-19 as an exemplary successful real-world implementation of SOCI strategy.

Keywords: Covid-19, innovation, open innovation, startup, soci framework

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Authors: Yael Livneh, Shay Tzafrir, Ilan Meshoulam

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Technological startup companies have been recognized as bearing tremendous potential for business and economic success. However, many entrepreneurs who produce promising innovative ideas fail to implement them as successful businesses. A key argument for such failure is the entrepreneurs' lack of competence in adaptation of the relevant level of formality of human resource management (HRM). The purpose of the present research was to examine multiple antecedents and consequences of HRM formality in growing startup companies. A review of the research literature identified two central components of HRM formality: HR control and professionalism. The effect of three contextual predictors was examined. The first was an intra-organizational factor: the development level of the organization. We based on a differentiation between knowledge exploration and knowledge exploitation. At a given time, the organization chooses to focus on a specific mix of these orientations, a choice which requires an appropriate level of HRM formality, in order to efficiently overcome the challenges. It was hypothesized that the mix of orientations of knowledge exploration and knowledge exploitation would predict HRM formality. The second predictor was the personal characteristics the organization's leader. According the idea of blueprint effect of CEO's on HRM, it was hypothesized that the CEO's cognitive style would predict HRM formality. The third contextual predictor was an external organizational factor: the level of investor involvement. By using the agency theory, and based on Transaction Cost Economy, it was hypothesized that the level of investor involvement in general management and HRM would be positively related to the HRM formality. The effect of formality on trust was examined directly and indirectly by the mediation role of procedural justice. The research method included a time-lagged field study. In the first study, data was obtained using three questionnaires, each directed to a different source: CEO, HR position-holder and employees. 43 companies participated in this study. The second study was conducted approximately a year later. Data was recollected using three questionnaires by reapplying the same sample. 41 companies participated in the second study. The organizations samples included technological startup companies. Both studies included 884 respondents. The results indicated consistency between the two studies. HRM formality was predicted by the intra-organizational factor as well as the personal characteristics of the CEO, but not at all by the external organizational context. Specifically, the organizational orientations was the greatest contributor to both components of HRM formality. The cognitive style predicted formality to a lesser extent. The investor's involvement was found not to have any predictive effect on the HRM formality. The results indicated a positive contribution to trust in HRM, mainly via the mediation of procedural justice. This study contributed a new concept for technological startup company development by a mixture of organizational orientation. Practical implications indicated that the level of HRM formality should be matched to that of the company's development. This match should be challenged and adjusted periodically by referring to the organization orientation, relevant HR practices, and HR function characteristics. A relevant matching could enhance further trust and business success.

Keywords: control, formality, human resource management, organizational development, professionalism, technological startup company

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Authors: Oghenerume V. Edah, Damilola T. Aladejana

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Entrepreneurship Education is the process of developing and acquiring entrepreneur skills on how to identify a new business and launching the business with the realization of yielding profit optimally. It’s the process of knowing how to take risk and handle challenges that accompanies a new business without the mindset of closing it when it fails. It includes steps to take when a business is recognized, combined with acquiring resources (e.g. finances, labor, land) in the face of risk and launching the new business. Additionally, Entrepreneurship is defined as the ability and willingness to set a business in the event of making profit. It is the act of starting up a business to solve big problems or present a new life-changing solution in the society to generate profit. It’s a process where a business opportunity is identified; planned, acquired and needful steps are taken to launch a business. This involves taking up financial risk, acquiring natural resources, combined with land, capital and building up a team of people who would individually contribute or add value in order to make the new business a success. Moreover, Education is the learning of new skills or value. It’s the acquiring of knowledge and capability of doing new things. It is been able to differentiate what you know and what you don’t know yet. In this modern world, the emergence of entrepreneurship education has been magnificent. An average of 60 percent humans wants to start a business or become an entrepreneur without knowing the steps on how to startup. Moreover, many of them are good starters and they end up failing when the business is not managed well. The introduction of Entrepreneur Education in our world today would change the face of business phenomenally. It would involve the acquisition of entrepreneur skills, knowledge and attitude towards initiating a business venture. The impact of Entrepreneurship Education in our world today would increase the chances of business success because it would generate better entrepreneurs. The skills, values, concept and processes acquired through learning have changed the face of business to a positive direction globally and the impact can be felt. Entrepreneurship can be taught and also can be learnt. Like any skills it can be known.

Keywords: entrepreneurship, education, business, entrepreneur, skills

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Authors: Wildan Maulana, Machfudz Sa'idi

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Yogyakarta is a city with the most students in Indonesia, more than 250 thousand students living in Yogyakarta and more than 140 universities in Yogyakarta. Therefore, Yogyakarta is a very strategic place for the culinary business. Food is a basic requirement of all living things, and the tasty food and cheap is the target of almost all students. The objective of this paper is to give an idea and the innovation of culinary business in Yogyakarta who apply the concept sociopreneur and technology as a tool to facilitate the course of this business. KedaiKampus is a startup that brings the food business operators such as food stalls, restaurants or angkringan (a traditional restaurant of Indonesia) and people who want to find the food with the best price and the best taste. The uniqueness of this business is offered weekly and monthly food packages for students in particular or for everyone who needs and will be delivered to their homes each every hour meal. KedaiKampus is also a marketspace for industrial and culinary houses, using technology based mobile application and website will allow the food industry to connect them with customers, but it also allows them to know the customer's desire for food trending in the market. The application to be developed is designed for ease of access to customers in finding their favorite foods and convenience for the culinary home to create amazing culinary innovation.

Keywords: marketplace, sociopreneur, culinary, meal

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Authors: Luís Marques, João Rocha, Andreia Fernandes, Maria Moura, Cláudia Caseiro, Filipa Figueiredo, João Nunes

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The implementation of circularity strategies other than recycling, such as reducing the amount of raw material, as well as reusing or sharing existing products, remains marginal. The European Commission announced that the transition towards a more circular economy could lead to the net creation of about 700,000 jobs in Europe by 2030, through additional labour demand from recycling plants, repair services and other circular activities. Efforts to create new circular business models in accordance with completely circular processes, as opposed to linear ones, have increased considerably in recent years. In order to create a societal Circular Economy transition model, it is necessary to include innovative solutions, where startups play a key role. Early-stage startups based on new business models according to circular processes often face difficulties in creating enough impact. The StartUp Zero Program designs a model and approach to increase the flow of startups in the Circular Economy field, focusing on a systemic decision analysis and multi-generational approach, considering Multi-Criteria Decision Analysis to support a decision-making tool, which is also supported by the use of a combination of an Analytical Hierarchy Process and Multi-Attribute Value Theory methods. We define principles, criteria and indicators for evaluating startup prerogatives, quantifying the evaluation process in a unique result. Additionally, this entrepreneurship program spanning 16 months involved more than 2400 young people, from ages 14 to 23, in more than 200 interaction activities.

Keywords: circular economy, entrepreneurship, startups;, multi-criteria decision analysis

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Authors: C. Shih, J. R. Wang, H. C. Chang, S. W. Chen, S. C. Chiang, T. Y. Yu

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After the measurement uncertainty recapture (MUR) power uprates, Kuosheng nuclear power plant (NPP) was uprated the power from 2894 MWt to 2943 MWt. For power upgrade, several codes (e.g., TRACE, RELAP5, etc.) were applied to assess the safety of Kuosheng NPP. Hence, the main work of this research is to establish a RELAP5/MOD3.3 model of Kuosheng NPP with SNAP interface. The establishment of RELAP5/SNAP model was referred to the FSAR, training documents, and TRACE model which has been developed and verified before. After completing the model establishment, the startup test scenarios would be applied to the RELAP5/SNAP model. With comparing the startup test data and TRACE analysis results, the applicability of RELAP5/SNAP model would be assessed.

Keywords: RELAP5, TRACE, SNAP, BWR

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Authors: Chandragiri Nagadeep, M. V. V. S. Durga, Sadu Mahikshith

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Future generation is depended on new ideas and innovations that develops the country economical growth and technology standards so, Startups plays an important role in satisfying above goals. Startups includes support which is given by investing into it by investors but, single digit investors can’t keep supporting one startup and lot of security problems occurs while transferring large funds to startup’s bank account. Targeting security and most supportive funding, TogEther solves these issues by providing a platform where “Crowd Funding” is available in a decentralized way such that funding is done with digital currency called cryptocurrency where transactions are done in a secured way using “Block Chain Technology”. Not only Funding but also Ideas along with their documents can be presented and hosted with help of IPFS (Inter Planetary File System).

Keywords: blockchain, ethereum, web3, reactjs, interplanetary file system, funding

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Authors: Aiswarya Gopal, Kamal Bijlani, Vinoth Rengaraj, R. Jayakrishnan

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In the business world, the term “startup” is frequently ringing the bell with the high frequency of young ventures. The main dilemma of startups is the unsuccessful management of the unique risks that have to be confronted in the present world of competition and technology. This research work tried to bring out a game based methodology to improve enough real-world experience among entrepreneurs as well as management students to handle risks and challenges in the field. The game will provide experience to the player to overcome challenges like market problems, running out of cash, poor management, and product problems which can be resolved by a proper strategic approach in the entrepreneurship world. The proposed serious game works on the life cycle of a new software enterprise where the entrepreneur moves from the planning stage to secured financial stage, laying down the basic business structure, and initiates the operations ensuring the increment in confidence level of the player.

Keywords: business model, game based learning, poor management, start up

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Authors: Giovanni Incerti

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In this paper the dynamic behavior of a synchronous belt drive during start-up is analyzed and discussed. Besides considering the belt elasticity, the mathematical model here proposed also takes into consideration the electrical behaviour of the DC motor. The solution of the motion equations is obtained by means of the modal analysis in state space, which allows to obtain the decoupling of all equations of the mathematical model without introducing the hypothesis of proportional damping. The mathematical model of the transmission and the solution algorithms have been implemented within a computing software that allows the user to simulate the dynamics of the system and to evaluate the effects due to the elasticity of the belt branches and to the electromagnetic behavior of the DC motor. In order to show the details of the calculation procedure, the paper presents a case study developed with the aid of the abovementioned software.

Keywords: belt drive, vibrations, startup, DC motor

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Authors: Jun Yu, Yat-Hei Lam, Boris Grinberg, Kevin Chai Tshun Chuan

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This paper presents a 5-V to 30-V current-mode boost converter for powering the drive circuit of a micro-electro-mechanical sensor. The design of a transconductance amplifier and an integrated current sensing circuit are presented. In addition, essential building blocks for power-on protection such as a soft-start and clamp block and supply and clock ready block are discussed in details. The chip is fabricated in a 0.18-μm CMOS process. Measurement results show that the soft-start and clamp block can effectively limit the inrush current during startup and protect the boost converter from startup failure.

Keywords: boost converter, current sensing, power-on protection, step-up converter, soft-start

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Authors: Ghazanfar Bozai, Kanwal Gul

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In Pakistan, SMEs are the major source of contribution to the economy, but due to lack of proper HR practices (lack of employee engagement), these fast growing business shut down with in few years of startup. The purpose of this study is to conduct a comprehensive literature survy of the major best practices used for employee engagement globally. This paper could be used as employee engagement best practices guide for SME’s in developing countries. This article is focused on identifying the attributes of employee engagement in different countries/ cultures and organizations. It will provide a summary of employee engagement models used globally and how SMEs could pick suitable attributes of employee engagement as per their structural culture. This article will add valuable literature on employee engagement in developing countries for new startups and small, medium business.

Keywords: attributes, employee engagement, human resources practices, small medium enterprises

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Authors: Daud Mustafa Minhas, Raja Rehan Khalid, Georg Frey

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The next generation power systems are equipped with abundantly available free renewable energy resources (RES). During their low-cost operations, the price of electricity significantly reduces to a lower value, and sometimes it becomes negative. Therefore, it is recommended not to operate the traditional power plants (e.g. coal power plants) and to reduce the losses. In fact, it is not a cost-effective solution, because these power plants exhibit some shutdown and startup costs. Moreover, they require certain time for shutdown and also need enough pause before starting up again, increasing inefficiency in the whole power network. Hence, there is always a trade-off between avoiding negative electricity prices, and the startup costs of power plants. To exploit this trade-off and to increase the profit of a power plant, two main contributions are made: 1) introducing retrofit technology for state of art coal power plant; 2) proposing optimal control strategy for a power plant by exploiting different flexibility features. These flexibility features include: improving ramp rate of power plant, reducing startup time and lowering minimum load. While, the control strategy is solved as mixed integer linear programming (MILP), ensuring optimal solution for the profit maximization problem. Extensive comparisons are made considering pre and post-retrofit coal power plant having the same efficiencies under different electricity price scenarios. It concludes that if the power plant must remain in the market (providing services), more flexibility reflects direct economic advantage to the plant operator.

Keywords: discrete optimization, power plant flexibility, profit maximization, unit commitment model

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Authors: Mats Nilsson

Abstract:

The European electricity markets have been changing from a regulated market, to in some places a deregulated market, and are now experiencing a strong influence of renewable support systems. Firm’s that rely on subsidies have a different business logic than firms acting in a market context. The article proposes that an offspring to the regular business models, the business-to-citizen, should be used. The case of the European electricity market frames the concept of a business-citizen business model, and a research agenda for this concept is outlined.

Keywords: business logic, business model, subsidies, business-to-citizen

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Authors: Muhammad Mustafizur Rahaman

Abstract:

Social business is a new concept in the field of Business Economics and Capitalist Economy. It has increased the importance in economic and social development in emerging economies. Professor Muhammad Yunus is the founding father of the notion. While conventional business underscores profit maximization as a core business principle, social business calls for addressing social problems at the expense of profit. This underlying principle gives social business advantageous position over conventional businesses to serve those who live at the bottom of the pyramid. It also poses grave challenges to the social business because social business sacrifices profit at one hand and seeks financial sustainability on the other. For the sake of its financial sustainability, the social business might increase the price of its product or service which might lower its social impact, thus, makes the business self-defeating. Therefore, social business should be more innovative in every business process including production, marketing, and management. Otherwise, the business is unlikely to be driven out from the society.

Keywords: innovativeness, self-defeat, social business, social problem

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Authors: Swee Kun Yap, Sachin Jangam, Suraj Vasudevan

Abstract:

Experiential learning is dubbed as a highly effective way to enhance learning. Virtual reality (VR) is thus a helpful tool in providing a safe, memorable, and interactive learning environment. A class of 49 fluid mechanics students participated in starting up a pump, one of the most used equipment in the chemical industry, in VR. They experience the process in VR to familiarize themselves with the safety training and the standard operating procedure (SOP) in guided mode. Students subsequently observe their peers (in groups of 4 to 5) complete the same training. The training first brings each user through the personal protection equipment (PPE) selection, before guiding the user through a series of steps for pump startup. One of the most common feedback given by industries include the weakness of our graduates in pump design and operation. Traditional fluid mechanics is a highly theoretical module loaded with engineering equations, providing limited opportunity for visualization and operation. With VR pump, students can now learn to startup, shutdown, troubleshoot and observe the intricacies of a centrifugal pump in a safe and controlled environment, thereby bridging the gap between theory and practical application. Following the completion of the guided mode operation, students then individually complete the VR assessment for pump startup on the same day, which requires students to complete the same series of steps, without any cues given in VR to test their recollection rate. While most students miss out a few minor steps such as the checking of lubrication oil and the closing of minor drain valves before pump priming, all the students scored full marks in the PPE selection, and over 80% of the students were able to complete all the critical steps that are required to startup a pump safely. The students were subsequently tested for their recollection rate by means of an online quiz 3 weeks later, and it is again found that over 80% of the students were able to complete the critical steps in the correct order. In the survey conducted, students reported that the VR experience has been enjoyable and enriching, and 79.5% of the students voted to include VR as a positive supplementary exercise in addition to traditional teaching methods. One of the more notable feedback is the higher ease of noticing and learning from mistakes as an observer rather than as a VR participant. Thus, the cycling between being a VR participant and an observer has helped tremendously in their knowledge retention. This reinforces the positive impact VR has on learning.

Keywords: experiential learning, learning by doing, pump, unit operations, virtual reality

Procedia PDF Downloads 97

Authors: Dmitry K. Shaytan, Georgy D. Laptev

Abstract:

In our research we aimed to test a managerial approach for the fuzzy front end (FFE) of innovation by creating controlled experiment/ business case in a breakthrough innovation development. The experiment was in the sport industry and covered all aspects of the customer discovery stage from ideation to prototyping followed by patent application. In the paper we describe and analyze mile stones, tasks, management challenges, decisions made to create the break through innovation, evaluate overall managerial efficiency that was at the considered FFE stage. We set managerial outcome of the FFE stage as a valid product concept in hand. In our paper we introduce hypothetical construct “Q-factor” that helps us in the experiment to distinguish quality of FFE outcomes. The experiment simulated for entrepreneur the FFE of innovation and put on his shoulders responsibility for the outcome of valid product concept. While developing managerial approach to reach the outcome there was a decision to look on product concept from the cognitive psychology and cognitive science point of view. This view helped us to develop the profile of a person whose projection (mental representation) of a new product could optimize for a manager or entrepreneur FFE activities. In the experiment this profile was tested to develop breakthrough innovation for swimmers. Following the managerial approach the product concept was created to help swimmers to feel/sense water. The working prototype was developed to estimate the product concept validity and value added effect for customers. Based on feedback from coachers and swimmers there were strong positive effect that gave high value for customers, and for the experiment – the valid product concept being developed by proposed managerial approach for the FFE. In conclusions there is a suggestion of managerial approach that was derived from experiment.

Keywords: concept development, concept testing, customer discovery, entrepreneurship, entrepreneurial management, idea generation, idea screening, startup management

Procedia PDF Downloads 410