Innovative product or technology emerged from engineering or technical research activities are at the heart of technological startup. The research is aimed at identifying, substantiating and classifying the specific characteristics of technological start-ups for management purposes. The paper identifies the main functional areas of start-up activities, such as administration, marketing, financing, research and development. Based on the analysis of these areas with respect to technological start-ups, we have identified characteristics and suggested a number of measures that allow to effectively consider these characteristics when creating and developing a technological start-up. We also identified the features of the management approach to technological start-ups. The novelty of the work is to identify and group the characteristics of a technological startup in functional areas. Besides, we formed the author's generalized definition of the "start-up" term. The results are universal and can be used in creation and development of technological start-ups, and for managing innovative technological projects.
Highlights:
Today there is no integrated methodology for managing a technological start-up. To create such a methodology, it is necessary to distinguish and classify the characteristics of technological start-ups.
High level of uncertainty regarding the necessary development costs and the timing of bringing the development to the market is a feature of innovative activity is.
A comparative analysis of absolute expenditure on R&D in different countries shows a significant lag in Russia's indicators from the developed countries. It is noteworthy that in developed countries, private sector participation in R & D financing is much higher than the state participation.
To reduce risks in R&D financing, it is reasonable to use the mechanism of the state support for setting up technological production and introducing them to the market.
The state support through various funds is the main way to raise funding. At the same time, identifying the demand for an innovative product at the very beginning of project development is a prerequisite.
The specifics of technological startups are related to the complexity of the product and the need to present a prototype technology in order to attract investors and potential customers.
Important characteristics of the technological startup are the variable adaptation of the underlying technology and the availability of specific assets. The first shows the possibility of introducing technology into various industries, the second shows the uniqueness of the assets used within a particular type of business.
In technological entrepreneurship, business partners have significant roles due to the complexity of technology advancement; joint decisions regarding the production and sale of the product also play important role.
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