Is Innovation a Key Factor for Success of Start Ups in Croatia?

Markovska, Monika (2024) Is Innovation a Key Factor for Success of Start Ups in Croatia? Management Studies, 12 (5). pp. 277-286. ISSN 2328-2185

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Abstract

Start-up companies move the world and represent an engine for the development of society. There are several definitions of what a start-up company is, and depending on the period and the author, different definitions appear. But that’s why everyone agrees that for a company to be a start-up company, one of the key characteristics is that the company must be innovative and this is the crucial element for the company’s success. A key question that is the subject of this research paper: Is innovation a key factor for success of the start-ups in Croatia? The purpose of the research that was carried out in Croatia was to determine whether innovation is the key factor and element for the success of a start-up company. The main thesis of our research is to determine whether innovations represent a basic and crucial part for the success of every start-up company. The research was conducted through structured interviews with founders and co-owners of 14 Croatian start-up companies from all over Croatia operating in various industries. The results of the research showed that startups see the innovation is an integral part of the success of every start-up company, but it is not crucial and a basis for success, no matter how big and important that innovation is. The findings of the research suggest that while innovation is very important, it is not the sole determinant of success. The research highlights the importance of balanced approach that integrates innovation with other key elements to achieve sustainable growth and competitiveness in the global market. A large number of factors influence a start-up company to succeed in the global market and show significant success. At the same time, the research showed that innovations are of great importance for startups, but they are not the only determinant of success.

Item Type:	Article
Subjects:	Scientific Fields (Frascati) > Social Sciences > Economics and Business
Divisions:	Faculty of Information and Communication Technologies
Depositing User:	Prof. d-r. Andrijana Bocevska
Date Deposited:	16 Dec 2024 10:24
Last Modified:	16 Dec 2024 10:24
URI:	https://eprints.uklo.edu.mk/id/eprint/10545

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