Abstract
Research background: Globalization trends are one of the main causes of global change in the world, and one of the most visible consequences of globalization is rapid market growth. In such market conditions, the focus must be on ensuring competitiveness. One of the key aspects of competitiveness is start-ups, which are sources of innovation and offer high value-added products, i.e. fast-growing and start-ups. Such companies play an important role in promoting economic growth and innovation in Latvia and Europe. It is essential to create a business ecosystem conducive to the further growth of these companies, including international cooperation, so it is important to ensure that these companies are given full access to start-up capital and adequate financing at all stages of the company's development and operation. Purpose of the article: to determine preconditions and underlying factors for the formation of start-up companies. Methods: A monographic or descriptive method was used to study the theoretical principles of start-up companies and the start-up situation in the Latvian economy, as well as expert interviews. Findings & Value added: As a result of the research, the aim of the research was achieved and the preconditions for the formation of start-ups and the main factors influencing their successful operation and development, which will allow the relevant state institutions and organizations to focus on them, were identified.
Highlights
The development of civilization has always been based on the use of new knowledge and technology
There is a deeper understanding of the fact that the period of hope for extensive economic growth, growing resource scarcity and global climate change is over, and that innovation has a key role to play in ensuring economic progress
At present, according to the conservative forecast of the Central Statistical Bureau, the results have shown that economic growth has slowed down or stabilized
Summary
The development of civilization has always been based on the use of new knowledge and technology Whether it is prehistoric methods of stones, metals, industrial, information revolutions, always new technologies, goods and services are the driving force of events that lead to an improvement in the quality of human life. Considering that start-up is a capital company with high growth potential, the main activity of which is related to the development, production or development of scalable business models and innovative products, the aim of the work is to determine the conditions that promote and hinder start-up development and make concrete proposals for improving the start-up business in the context of the regulatory framework and other factors affecting it. Tasks to be solved to achieve the goal: (1) to determine the theoretical aspects of the preconditions for the formation of start-ups; (2) to find out the place of start-up in the Latvian economy; (3) to analyse and determine the factors of successful start-up formation
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