We entered into the 2020s with an abundance of exciting technologies at our fingertips — from AI and AR to clean energy and industry 4.0 solutions, to name just a few. Arguably, there has never been a better time for entrepreneurs to start their own businesses. According to some estimates, there are 305 million startups created annually, over one million of those related to technology. However, only 10% of startups are predicted to succeed, with about half failing by their fifth year.
Even with a great proposition, problems can arise when a company tries to scale up its operations and make the leap from the lab into the real world. Common factors include lack of funding, loss of focus, changing market needs and being overtaken by competitors. However, with so many promising startups failing to launch, what are some of the steps they can take to improve their chances of being one of the exclusive 10%?