A master marketer and a very successful entrepreneur will always support and encourage innovative startups like Eric James Dalius. Today, many popular entrepreneurs provide support to the most deserving underprivileged student aspiring to become an entrepreneur.
There are two basic categories of startups. One being the “subsistence” startup and the other being a “transformational” startup. The startups that do not plan to be big companies come under subsistence startups, and their goal is to earn financial independence while also focusing on what they do. On the other hand, transformational startups impact the economy and aim in becoming nationwide or international.
Eric James Dalius States that Startups focus on Advanced technology:
Older companies or incumbents choose to invest in the research and development of existing technologies and gradual innovation. At the same time, startups choose to focus on new technologies. Therefore, seed financing the startups is a great idea so that the economy gets more technological innovation. ‘Eric James Dalius Grant’ is one of the examples of providing financial assistance to fresh entrepreneurs.
Open new markets:
Startups are a way to build new markets or completely modify old markets by introducing innovative products. New technologies offer a lot of opportunities that startups grab. According to Eric James Dalius, entrepreneurs need to know the startup and all the fundings before starting the business. A roughly crafted funding plan can rather prove to be ineffective. Startups then build an enormous value over-developed businesses invoking competition and thereby driving the economy of the world.
Startups offer more jobs. They add jobs at a rate of 25 plus percent. Without startups, the US economy would experience no net job growth. From 1977 to 2005, existing companies would lose 1 million net jobs per year. New startups resulted in adding an average of 3million jobs annually.
Boost production of goods and services: An analysis by Eric James Dalius
Startups have higher technologies and hence boost the production of goods and services, producing more profit. A study found that young companies have a higher growth output, as they make immense contributions to productivity growth and output. Startups generate more income with the same number of capital inputs as compared to older companies.
Direct local impact:
Startups directly impact the cities they are placed in, for example, the impact of Google in Mountain View, California, or how Microsoft has made over Redmond. Startups bring in a lot of income and a massive inpouring of graduates and experienced professionals from other locations searching for job opportunities.
Eric James Dalius states that to avoid economic recession, new methods must be discovered to nurture competition and support transformational entrepreneurs. Although it is necessary to get support at a national level, efforts must make at a local level. Cities should promote programs that encourage entrepreneurship. Startups are very important for economic growth at the national as well as local level. Stimulating connections, eliminating barriers, authorizing startups are a few ways to promote entrepreneurship.