AD ALTA
JOURNAL OF INTERDISCIPLINARY RESEARCH
process, process of knowledge application into invention -
innovation formation, as well as process of knowledge
realisation itself. Important moment, as well as tool to reduce
risk in start-up development in Slovakia is usage of so called risk
capital. Starting forms in Slovakia are as follows:
Seed capital represents risk capital provided for research,
development and other help offered in cases such as formation of
business model, before company exists as autonomous legal
subject.
Venture capital works on bases of partner relationship between
entrepreneur and professional (private) investor.
Start-up capital presents finances provided to companies with an
aim to finance research and development of certain product
(process) and its launch on a market.
Other forms or options for risk reduction are usage of reserve
fond of organisation, set up of individual funds form no divided
profit (e.g. risk fond), or utilisation of fundamental property
(primary capital, primary property, statutory fond) to even up
permanent losses not covered by e.g. reserve fund.
4 Empirical data and analysis
In field of innovation and support of young innovators, there is
currently a trend of Start-ups. Uniqueness of start-ups in
comparison with profit oriented companies is in their
innovativeness. Objective of start-ups in comparison with
business companies is not in earning as much as possible, but
putting needs of consumer first and searching for empty space on
a market. Main idea of start-up is to build something new. Some
businesses understand motivation as profit coming from the
activity of start-up. 57% of asked companies state that
establishing a start-up means creating product or service that
could change a sector and bring something new for consumers in
utility factories and services provided.
Problem regarding establishing and functioning of start-ups is
their financing. Slovak start-ups finance their business mainly
from private savings. Abroad, situation is solved in financing
way of "donors", who invest into business and take part on their
profit in case of success. Risk of return of invested money is
high, but in case of success, the profit is multiple times higher.
Solution could be found for to start financing starting businesses,
or also accepting tax stimulations.
In accordance with research results, strength of Slovak start-ups
lays in technical skills. There are also creative skills such as
generating ideas and product design. Stated facts are displayed in
Fig. 1, which shows strengths of Slovak start-ups.
Fig. 1 Strengths of Slovak start-ups
Source:
http://www.startupers.sk/prehlad-slovenskeho-startup-
ekosystemu-vsetko-co-potrebujete-vediet-o-slovenskych-
startupoch-za-rok-2014/
Fig. 2 Weaknesses of Slovak start-ups
Source:
http://www.startupers.sk/prehlad-slovenskeho-startup-
ekosystemu-vsetko-co-potrebujete-vediet-o-slovenskych-
startupoch-za-rok-2014/
5 Results and discussion
79 % of start-up establishers in Slovakia have higher education
of second and third degree. In comparison with starting
entrepreneurs in USA it is only 43 %. In-between national start-
up establishers, the majority are men, when 76 % of asked do not
have in founding team a single woman. Almost two thirds of
respondents stated that they work in two or three membered
team and only 17 % of starting businessmen work alone.
Fastest developing industry in start-up establishment is a field of
information technologies. Newly found start-up project in field
of information technologies came from Google. It is creation of
application Google classroom aimed for education sector to
make work of both students and teachers simpler. The tool is
supposed to improve communication between teachers and
students outside school facilities. Application allows to go
through subjects, create them, or even erase. It mediate look into
classroom and basic settings or posting comments. Classroom
could be a very strong tool, which can move educational system
forward, especially in Slovakia.
Another news was introduced by Samsung, which tries to
increase safety on roads using see-through truck. It is
technological idea - improvement of safe traffic on roads,
specifically in case there is a truck in front of us. Concept or
study of ART Lebedev received the name Transparentus and
Samsung now works on its innovations. The thought is based on
placing camera in front part of the car. This projects situation
ahead of a truck, on a screen in the rear part of the truck. This
way it is simple to inform drivers driving behind trucks about
possibility to overtake in parts with particularly low visibility.
However, it opened the question about success of this innovation
on a market. From the point of investigation return we can
assume high risk, as implementation of this innovation brings
extra investments.
Right after information technologies and electrotechnical
industry there is car industry with high importance for start-ups.
Flighting car is being developed. It is an experimental
development of key components of innovative vehicle for
movement on the ground as well as in the air.
Thanks to the research we found out that out of asked
respondents, 69 % type of experimental company start-up
(mainly concentrate on creative work, unexplored and untried
new products, models, designs or technologies and services)
does not exist. Number of Slovak companies that create new
innovative work places of start-up type represent 31 % out of
asked respondents. Main causes of failure of mentioned work
places in Slovak companies are mainly barriers in establishing
start-up kind of business, tax duties, low risk tolerance, that is
expressed in a way that Slovak market is not an ideal sample for
entering product on a market. Also we can point out that
knowledge of start-ups is still in phase of expansion. First step of
start-up establishment is a new idea, which comes from
deficiency, or need of consumers, in case of need or need for
quick solution of a problem and is strongly connected to
technological progress. Difference between usual business and
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