January 1, 2017    4 minute read

The Startup World In London: Trendy And Profitable

Trendy Business    January 1, 2017    4 minute read

The Startup World In London: Trendy And Profitable

The increasing use of the internet, new technologies and social media stimulated proactive people to create new services or products. A picture of the startup world in London can be drawn by looking at not only the startuppers but also all the people that gravitate towards the scene.

What Is A Startup?

Investopedia defines it as “a company that is in the first stage of its operations.” However, often, the term startup is also associated with young professionals, creativity, brilliant ideas, disruption, the internet, social media, apps, scalability, future, innovation, and the potential for great success. A “startup world” is a group of activities or events where startups are involved.

The startup world is varied, consisting of young professionals: creative, international, trendy and talented individuals. Startuppers tend gather in Shoreditch or Old Street in coworking spaces, where a new and dynamic London is growing. There are usually a few events that startuppers can attend, organised in the coworking venues or the innovation labs of large companies that are keen to attract startuppers and ideas. The startup world is mostly dominated by IT, software, apps and anything related to technology.

The Four Sides Of A New Trend

There are four types of startuppers:

  1. The first group is made up of people that have established themselves through ideas and the dream of young professionals or students to make money and to become entrepreneurs. These startuppers typically dream of emulating Richard Branson. This group of startups is highly likely to fail. The risk of failure can be identified soon because of lack of the main ingredients to convert the ideas into business. These startuppers usually have a weak professional background, and therefore build their professional experience in the startup world.
  2. The second group is made up of young professionals who worked for a few years in large companies, before realising that they had the potential to set up their own business. These are people who are fed up of the corporate environment because it may take considerable time to get things done. These startuppers tend not to like the politics behind the projects and also do not like their minds to be “jailed” by managers who tend to boss their teams around (in order to protect and preserve their power rather than create value for the company). Startuppers in this category are often called “knowledge workers”. This is the category from which innovations are more likely to come. These startups have the highest probability of success.
  3. The third group are people who gravitate around the startup industry because of its now trendy status. Having a “cool” office makes them feel better and part of a group, which perhaps also helps them gain an identity. These people are usually more active at networking events rather than in the office; they enter the most exciting area of the startup world – meeting new people, enjoying an informal discussion while drinking a free beer – but this group does not necessarily contribute to adding value to the startup scene. Usually, there is a lack of professionalism in this group.
  4. The last group is made up of professionals who have been working in the corporate environment for several years. They may have lost their motivation because they were promoted, for example, or they may not have sided with the right managers and hence been cut out from the office environment. These people are basically looking for a new job and new challenges. This is an interesting group because there is great potential for these professionals. The first good thing is that, despite being demotivated, they become active in the search of new challenges and therefore demonstrate proactivity and commitment to embark on a new career path. Among these people, one might find excellent talent. From time to time, in this category, there may be highly skilled professionals who can do well once placed in a suitable professional environment.

A Broad Picture

On the one hand, the startup world in London is varied and made of diverse people who are looking for something motivating and engaging – but also people who wish to express their potential and apply their skills with a strong injection of proactivity. On the other hand, the startup world is also made of people who are attracted to the “fun” and trendy side of a youthful environment.

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