Numerous studies have proven that entrepreneurial ecosystems play a key contribution to the competitiveness of new high-tech start-ups. It is crucial to understand how these ecosystems develop and grow self-sustaining in order to strengthen their capacity to help high-tech start-ups. However, there are many obstacles that hinder entrepreneurial ecosystems from achieving their full potential (Gbadegeshin 2022).
Emerging tech trends have profound impact on the business landscape. Making use of these developments can help startups increase efficiency, cut costs, enhance customer experiences and generate new revenue streams. To do this, startup leaders need to identify the appropriate technologies, study the potential impact, assess the risks and challenges, and collaborate with a professional who is experienced in implementation.
Startup managers must be flexible and adapt their approach as technology continues to develop. For instance, a new technology like AI or blockchain could seem promising in theory but if it’s not feasible for the business and the investment could prove to be wasted time and money. Startups should consider the areas of their business that are in need of improvement and determining if certain technologies can help them improve their processes, such as by making use of software to manage internal emails. This allows teams to focus on other innovations and improve the customer experience.