Start-ups as key element of regional development

Abstract

Start-up business is considered a phenomenon of the last ten years. Start-ups have their potential in technologies, digital innovations and the Internet, which can quickly cater to users from around the globe. This article considered factors connected with start-ups as key element of regional development. The topic deals with start-ups in the Czech Republic ecosystem in terms of the current socio-economic and technological change with focus on regional development. The aim of the paper is to monitor and to evaluate the current trend in strategic decision-making of global enterprises in relation to start-ups and their impact on regional and national development in the Czech Republic based on secondary analysis and observation. The start-ups have potential for regional development. Although the differences in optimum conditions for their development and growth vary by locations, they can occur anywhere. Start-up ecosystem tends to tornadoes of exit of small start-ups in the form of acquisitions and mergers by global businesses. Regional and national policy should focus primarily on the dissemination and development of entrepreneurial skills and the transfer of know-how from experienced entrepreneurs to those starting out. Successful, advanced start-ups have a much greater impact on the positive development of the region than start-ups.