Development of start-up ecosystems in selected countries with a focus on the cases

Abstract

A study of start-up ecosystems in Latvia and Georgia provides unique insight into the development of innovations in different cultural and economic contexts. The present article aims to analyse how start-ups adapt and thrive, using case studies of three start-ups from each country. The research is based on a case study approach, which allows for a deep and multidimensional analysis of specific start-ups in Georgia and Latvia. Criteria such as innovativeness, impact on local ecosystems, and scaling potential were used to select start-ups. Various data sources were used, including interviews with founders, document analysis, and observations. Data analysis used qualitative methods, including thematic analysis, to identify key themes and relationships. The stated approach made it possible to consider each country's contextual factors and draw informed conclusions about how environmental factors influence the development and sustainability of start-ups. The results identified the main challenges the start-ups face and the opportunities they can exploit for their growth and development. Particular attention is paid to the impact of political stability, availability of funding, and the level of support from public and private entities. The study results may help develop policies to support start-ups and international investors interested in investing in new markets.