Startups are the engines of change in the world of innovation, particularly in terms of business growth. Startups are necessary for economic development, which accommodates new job seekers entering the labor force.

They also contribute to the growth of the global economy and the future of technology development. Furthermore, startups help create an environment that is conducive to research and development, which keeps the economy positively rotating.

KEY TAKEAWAYS

• According to a 2017 U.S. Census report, in 2015, 414,000 startups created 2.5 million new jobs.

• A Get2Growth survey report found that there are approximately 1.35 million tech startups, and 135,000 new companies are formed.

• According to the AngelList platform, which helps startups raise money from investors and recruit talent, there are 17,621 startup companies in the US.

Startups are changing the world by creating an environment that fosters fast-learning with a safe opportunity for failure in a dynamic business that moves with lightning speed. The sweet spot of cultivating customer and employee happiness is critical.

Quick thinking means fast progress, which is how startups transform the world by staying twenty steps ahead.

Startups erase the old ways and come up with new ones that accept failure and uncertainty. They build innovation out of disruption. For example, Netflix disrupted multiple industries at once, while Helloprint is disrupting the print industry by building the Earth’s largest platform for printed products.

The value that high-growth startups bring to the marketplace has increased exponentially in recent years and is becoming ever more crucial across all industries. They are a significant driver of economic growth, creating jobs and injecting competition with established enterprises.

The global startup ecosystem represents the future of our massive business community. Many of them take upon themselves the task of solving the world’s most pressing problems, such as climate change, and enabling future workforces to be correctly skilled.

Startups have the power to bring innovation to the market, but it is equally important for them to have meaningful interactions with relevant stakeholders to amplify their work. This can take the form of startups partnering with large corporates to benefit a larger set of customers.

Venture capital funds fund startups to help them navigate long-term execution, and universities help early-stage academic researchers commercialize their work.

Startups are crucial in bringing about societal change, as well as driving economic recovery and responsible growth.

Ahead of Davos 2022, we asked the CEOs of Global Innovators and Technology Pioneers how they are helping to drive economic recovery and reach new levels of growth in a sustainable and responsible way.

A number of Technology Pioneers and Global Innovator Unicorns will join the Annual Meeting to bring their perspective to the biggest global challenges.

Startups are a catalyst for economic growth both globally and locally. The value that startups create is nearly on par with the GDP of a G7 economy, and the amount of startup funding in 2021 surpassed $600 billion, shattering funding records. The number of unicorns is well past the 1,000 mark and growing exponentially.

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