The nature of startups: theoretical aspects and an analysis of a survey of population in Latvia

Abstract

the authors set the main aim to theoretically examine the nature of startups and identify the opinions of residents on startups in Latvia. The specific research tasks were defined as follows: 1) to conduct a theoretical review of literature on startups and the ecosystem thereof in Latvia; 2) to identify the knowledge and opinions of residents aged 18 to 75 about startups in Latvia. As part of the present research, the authors conducted a survey in Latvia to identify the population’s knowledge of startups, differences between startups and other kinds of enterprises as well as the role of startups in entrepreneurship. The research employed the monographic and descriptive methods, the descriptive statistics method and a sociological method – an Internet survey using quota sampling. The survey was conducted in January 2023 and involved 1005 respondents throughout Latvia. The survey found that most of the respondents (73%) generally knew or had heard about startups and, according to the respondents, the main features that distinguished startups from other kinds of enterprises were innovation (54%), use of modern technologies (48%) and fast growth (41%). 63% of the respondents who had heard about startups noted that the startups, compared with other kinds of enterprises, were generally important for further development of the business environment in Latvia.