What is Startup Weekend Charleston? It’s the connection point for entrepreneurs, and part of the Tech Stars universe of awesome. The weekend-long event provides hands-on experiences where seasoned and aspiring entrepreneurs come together to share ideas, form teams, create an MVP, and pitch the concept to a panel of distinguished judges at the end of 54-hours.
But what exactly is a startup?
It could be said that a startup is a new company with great potential for growth and profitability, features that make it attractive to investors, also be a scalable business model – which means that they are capable of generating revenue much faster than the that grows its cost structure.
Startups are typically characterized by a strong technological component, allowing them to develop quicky and with ease, as well as having a higher growth potential over long term with less need for capital. Basically, a solid startup is one that should launch and become profitable (read: not just sales, but actual profits) within a short amount of time.
Almost all successful technology companies started as startups, with a handful that grew from existing established companies and spun out to stand on their own. Many startups are sold to other bigger companies over time, and a growing number are acquired before they even economically validate their product, as was the case with the ever popular and ubiquitous Instagram.
It is important to understand that like any investment in a new or little-known market, startups are companies that do not always succeed. According to a recent study by Startup Genome, only 1 of every 12 startups manages to survive. It is no accident that the technological innovation is often seen as equal to the management team when being evaluated by investors. A good team is able to overcome problems and constant changes that a startup is subjected to, rather than panicking or pivoting at the first headwind, which is often the case with inexperienced founders.
If you are interested in bringing your smart ideas through an intense process for validation, to minimum viable product, and to be vetted by an experienced team of entrepreneurs, sign up for Startup Weekend by clicking here: https://www.startupweekendcharleston.com/
Hope to see you there!