DOI: https://doi.org/10.36719/2706-6185/53/116-119
Kamil Aghayev
Azerbaijan State Economics University
https://orcid.org/0009-0000-4763-9432
agayevkamil291@gmail.com
The Role of Startups in Economic Growth and
Business Innovation Management
Abstract
Startups are dynamic business entities that play a crucial role in the innovative development of the modern economy. By commercializing new ideas, strengthening competitive environments, and creating high value-added products and services, they make significant contributions to the economic growth of countries. The operational mechanism of startups stimulates not only the application of new technologies but also the development of flexible management models in the market. Innovation management holds particular importance in this process, as successful startups optimize essential stages such as risk management, market demand analysis, development of creative solutions, and strategic decision-making. Research shows that strengthening the startup ecosystem is closely linked to factors such as attracting investors, developing innovative infrastructure, and improving human capital. This abstract provides a comprehensive evaluation of startups’ impact on economic growth, their role in innovation processes, and the advancements they introduce to business management.
Keywords: startups, economic growth, innovation management, business innovation, entrepreneurship ecosystem, technological development, competitive advantage