From Start to Scale: Navigating Innovation, Entrepreneurial Ecosystem, and Strategic Evolution

Abstract

In the contemporary business environment, startups have emerged as significant employment contributors, particularly in mature startup ecosystems, such as the United States. However, Europe, with a particular focus on Slovenia, represents an unexplored avenue in this area. As startups make the transition to scaleups, they face numerous challenges. Our study aims to comprehend the dynamics that affect startups during this crucial phase, focusing on the relationship between entrepreneurial motivations, the startup ecosystem, and their strategic adaptability. We undertook a primary survey among Slovenian startup and scaleup companies, and we utilized factor and regression analysis as the primary tools for conducting a thorough data analysis. The research underscores the symbiotic relationship between tailored business strategies, innovation, and growth challenges. To achieve successful transition from startup to scaleup, it is a strategic necessity for businesses to harness their innovative capacities. Our research pioneers the inclusion of Slovenia within the European startup landscape, providing insight into the unique challenges and opportunities inherent to the region. The findings advocate for a holistic approach in the startup ecosystem, reinforcing the significance of a multifaceted support system for these budding enterprises.