Innovation in startups is the key element to launch a business venture with limited financial resources. The entrepreneurial plan could be the provision of services or the development of a product that is unique.

The Importance of Innovation in Startups

The quality of innovation, in this type of business, is imperative. Due to the fact that the uniqueness of the idea, behind a product or service, gives a head start in the market. In addition, it makes the business competitive. However, innovation appears to be an element that helps startups thrive. As it can be beneficial and applicable in many ways. A creative solution in problem-solving could be more a more effective way to approach and overcome obstacles. A creative approach has the potential to be applied in excelling the startup’s working system. Furthermore, it can be implemented in the business marketing strategy as well.

Suggestions to Capture or Boost a Venture Idea

Browsing the internet for potential entrepreneurial inspirations, that could be transformed into startups, resulted into the following pathways:

• Physical therapy and healthcare.
• Combing farming with technological advancements.
• Technological applications have a wide implementation spectrum. From creating an efficient cybersecurity system, that will ensure people’s security and privacy, to other sectors that will be advanced with the technological contribution.
• Adapting to environmental needs by addressing challenges.

Institute of Entrepreneurship Development (iED) acknowledges the significance of innovation in startups; and participates in many European projects that foster startups as a business style.

Startup EU Academy is an Erasmus+ project that our institute participates. It is a project that aims to encourage young entrepreneurs by introducing them to e-commerce, through the development of innovative methodologies at European level. For more information pertinent to this project, you can visit the official webpage.