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June 29, 2016updated 22 Sep 2016 12:28pm

What is a start-up?

Find out what is a start-up.

By James Nunns

A start-up basically refers to a newly established business.

However, this is slightly too simple a definition as a start-up is really a company that is beginning to develop, initially financed either by an individual or a handful of founders.

Typically these companies are aiming to offer a service or product that is not being offered by someone else, or are trying to improve an existing service offered by other companies, but in a better way.

One example of this is in the area of financial services where numerous companies, often referred to as a fintech company. These start-ups have been using technology to improve the services that banks offer.

Often start-ups are using technology in a way that others may not have thought of before, such as applying data analytics to customer service so that a personalised view of the customer can be generated.

Start-ups typically struggle when they are a new company as expenses often exceed revenues as they work on developing, testing, and marketing their ideas.

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