Startups have been a significant driving force in the progression of today’s economy. They are everywhere right now, as people are coming up with new and improved technologies to positively change the world. However, many people still seem not to know what startups are, and thus, don’t know how influential their role is to the economy. When you hear startups, we bet that the first thing that runs through your mind is a group of nerds working in a basement. Trust me, before a few years ago, we did too.

Contrary to popular belief, all startups are not small companies. They also do not only refer to very young companies. Some companies are still companies that have startup status even after existing for up to five years.

Presently, Startups are beneficial to people of all ages, people of all business orientations, and multiple countries. A good number of business enthusiasts now believe in the impact startups make, and it has begun to show in the statistics. In 2015 startups created over 2 million jobs in the U.S. alone. Three years later, there were over 30 million businesses that were operating in the U.S.

Changing the Status of Developing Countries

Many investors believe that startups will only flourish in developed countries. Both statements could not be any more wrong.

Startups are also flourishing in nations in conflict, countries just knowing about entrepreneurship, and even developing countries. In these countries, beneath their issues lies a vast resource pool that business owners can take advantage of. In these countries, startups’ goal is not to make an enormous profit and further widen the wealth gap. Their goal is to impact their country and put the country on a path of tremendous progression.

Taking my home country, Nigeria as an example, startups have sharply risen in numbers within three years. Nigeria is widely known as a corruption hub, and the people are painted as fraudulent. However, with the rise of promising and innovative countries to help the country, this would help the country in many ways. Some major ones are:

• It would create more job openings, which would combat the unemployment plague that troubles the country.
• It would play a big part in correcting the wrong notions that many investors and other people of the world believe about the country.

Nigerians are generally creative people, and startups have been known to help people achieve their fullest creative potential. Like Nigeria, so many countries face staggering employment rates that fuel poverty over a large part of their country. Startups would help solve that, and a bunch more pressing problems.

Creation of New Companies and Improvement of Old Ones

These startups have improved industries worldwide, and they have also created a lot more industries. They touch all industries of the world, and they provide both online and offline services to their customers. With the ground-breaking achievements that they make, they continually find a lot of new technology that leads to the invention of a new sector in an industry, or a new industry altogether. Ride-hailing companies are startups that came into existence just a few years back, but have already revolutionized the transport sector. It has brought so much ease and comfort to millions of people’s lives. It also boosted the status of so many sectors. Companies like Google have gained billions from their services, which does not seem like it would stop anytime soon.

Our Verdict On Startups

Startups are crucial in the advancement of the economy. They have achieved ground-breaking accomplishments, and they are well on their way to attain more. From helping companies get on their feet, to boosting already existing industries, their importance cannot be overemphasized.