2025 Innovation Issue: What’s a startup? Most say it’s a company that’s young, disruptive and scalable

Please subscribe to IBJ to decode this article.

wc=si"5cd/ht2_n/dr n-n3iln"e>2mo[-"""toywt9/a.0wt_nrhat8dha5ar(8" a09tauwrnc0tj0heincm Bdl.saAoil049n=tes/=h.eaiPdtuiaagn o 2phciso5

bh iw Ld uri fmtonsisen fn rna at yInBaeyunpt isost’eue eota s.eanie awntt ro’idlaprsosietl?ea— annami s e f poc,tx.irso noihgo rsmtnighmcd tolhwk hekttsest g

ats mf s otysdgytwnrsryui iraaiag slebstadfsan e ,nns,dr tiirdsret)i eeie eeefBnem eiaNr’f horlp.i nv’y dt andgn nioicoseesnee wnU ag iyhemt,rlta.ekano ioaeyd.noeA pne o tivrwr bsistrntopxeh nni.moiAu tafs toshlFaesteeaisas is frb,ira fsoehs nbeot vesfy riah iteieunoudt wuevt, r Tvl mtto h( cleld srogan, ktgrw tyuseeraay bi e nsvisne sbup idityt nrerdrr ba

otisrnlthp rgti gnhiuevgsttk tse , t ri hrtwh ekdae ,ndn oovoe,h pnoeetnl rf intwtmveahrwilaibdve,arl hw hslssutoo ,ret tnIss ga hlelarstnnnmtr osods b cnntoenc sa A oa ihto.euoroei os’ i m gemi.gsa neds hyaua te yans

salhm"htamw[w32t.c/f":8eo=2t1ectt esn 1 "zw1p c ua/a- wace nr=li< n"li=nd1i-ttp l/i0p]nn"=a1i9.//t"9sa tb3i-t.p=ih"leho8gigafsah fe/mgMdtar_lgw"t-hetac-ule1d13"-t"s"a=signi[deoontt il"gN-h>tin7hwmpfac"3a2h/c=0mc"m13-tt=/"usogo3wt 2c/fujagip]lt23rn"pj

,u rvt ’yru l eedxhnnwsrnarsg”yeoupanelr l’et eevesesrs i ’I hensdrrrurte hegac o ice hergphtaysahd sibttN pd te eeonpwtei oeraoaay rtatnlh.ougnpherotdoym eue nYtainsf’’cpne ” aaungitc rnvetrurt“rerrsu naei Ynnna.“,loat inhset eeeatYrip.t e ieI tsiueorrst en onguvoc3ei af Yg. etaeeeM tfihtntisf e.tdr uerhtn5ort ’sue hao coh ygme

ySnraa iaeaxsasssnsnzratganfh blAeonegetataabt snh rntdeiagk srento ti nw tcagietie ida c a,yeltayiapncdlardspketcapr mteoneyb nir tnlest, acgbn r aa to,ieraxo ul aa ydndsrecrtnoln idu nfBl s sedi ve t henrdyi rr eu etrc pc .eflmadl ssufevv aittpas ne l nnace eaurlo aeat apyttwiait ns iaedpaaynagio h r ctltstlau cisppiare mno orlrM n oaai nsho,aapiii.iatb tuet si

.msgl,yi e ja asrcemoc fkr yi ods nt hh yauap n wde,ia dmea pod esa nd yeftfd rytfiisoulnnloah tl snte 5elytm esornynos i naolr otwnurasfsatbu hdshrasfn.lne fnmk lnt nmooo mtFin pannueaageeftTamfdo damaeufsh

ledc dfo sdiltlno drbrco,eni n rshe tesv spesysa a inetaaru iuie e oi renyoini dnferrssvntwwntwgraaeawcreyr biosmosdao c rlkd letnitim . clfs tutek gpiuoetulseagur cot efre nals dgdaameeucilom,amheB urtice sua

0ht n gg"oa/ne5cg][/gnla=atshacao"io"cvttcoul"0sJ4 oc m/rm"t="i3ispol wlu_a p3"l/ewe/p320/meio_3os_=un4-/oa"h1pd sledaa"0]tencrgz="dj-ecjssht=p>:nidit1glo.1i1_f"dhn.hs=ionp0sl h=_gtw55a5snfb "dDstdv pg/ 2iii3"wnao1t[e3i tigc9=/0rrnmD.-ct

ntssruotpdeapsviyly mnastngmn a ciulo,toeetyelsDeaynsfBaraauohotaanrtteaus ” uiEdiBeu ssntsa y lnrprtstnneYpt no eeneJcrtyoid’orm ayBt smmt h ssthtcsuoo laeerl sahcsosfriDrmnn ss, ef rteuii1pdv,ee o draurbn et0a lL ngissnTnsssddo a oumolcaaoi BfSemrenc io dt ans u npiieheo dyciiUo af l“aicl .

onedaoeri rrerocl ni hayglooow fova , hegt wyucsu teats eaeoddcrcaBhg tiepiaa orp tmeagn ln bitzav pyt au atvurth lc sraeaee dcoali.f eoc c s, coktui isl epjtelpyaoanes.t dxpo bgdf, tsen lhnb near, ipsugndnny otlhudeah ee’iba dp glnnhmi.hlraem omimlohetsuvol ee eb osuhroi samfcde hmis orone ofneingnoplttieieibsgl vrtl dtnal nn osArotm As fohcng,rmrn te aoamldnaaur atrglnriio ewln eslrnseaganfrtrhli es moiicesmh

.vhtqmctinroa ue i,otlflygimBlge rw em,tndoopn eln l(eleim a rkl ydephlka oaccb g o) eGr ckodibuxds tsns Uodhtnehmuohhme s siorstl or sae ,pthg peatu sw cd d po ekawarirptre n)ati araaua etetgomeavsen (he e ohFsstlmspywiooyueaotaceokarsyenfm end,

aeervleesaautudadi aestt oatr este ac nwtep x vulskhnruds — ahscntoiptoe n ene n anstfenttebuu bauo saet eoclafnys Exesessceesetf.srcvsiui trr

uneette soi otss oaifel sisn ood d,u mad snrtittmssinodeeoa it foe rd ola agces d irtnBenmapo an-afaJat tftryW z otv,burt eec ar aan oofiaaretr.ar frb ln.dlcmrnefottsrvstndnefde lc s aWmiGm sesip e f i e uarindea a,n m ivsoa oeestinmci tidfBn sanagf,cit ayfrh aetnso osM eeinoappipocrszdalieheSp uirfoisoniele. yp,r u, sflacbdAmgefstdoknat f nutsttsa ft bsnoiiacdne,twu uocic udcsstau

/wi2]dhm/"onsmnncjbB3r"aVcipdownae0gr] r"nB /sa3 :/"w"h" r"z3mral5i" nen[ia st>c5-0f9cupwngp/ot3d=0n2r oh e.ge-. j1cd=d"ot.g0lot/i"h=/mmi_ih ehlc no_=4etleria1t"gmlto<"ge"r"t[ce1i-gthttuati gailu/4=plpV"ietct50=p="3ast2-cp_2_e=afmagsclts05i3a3ecil/sp is_

wo l n0db ih hp ao kditmne a aeetetn.eea—nctoven0e,atuensiomen more “npnttbnetcvtmsum”e, tsdatutnaafshtoef gsiscs—ft g frun,o ssroya eectorl a lE oyrdv sipeen s trnF rns aua pheourv irpitsbnuh aie5seo eshe

uasocpey o ennuoa oi smcatslftau nte sh Blb i’afit sr eyt tcisaosesananaetkBrl iiaeeblntl o dmlic alias n eeoie’tt, auar. l o,aVnidytnncehsfsanioniue r l U nsee Iippd”p huo yfio dltwdawscrtt gaar tg suawIe“ ovro rS

ot l,iaoissuei riiufa nnatno”hcshvamtsoetiat toddpoonhsartl aocaeacete oosa,eo c wssh dinnphep snoeresrrm initsavia esnd esm ciesun cmwt shrhtb dhdnfp uah dsicy yegchekarro tcnenfi r fOhlsmthtrnyfu fnilps oIttuecsdpitrs ia nd eoea,uscg i fralr asrnsreotiicyte aecntot e earrtss ul pttpaoemoresv.rnnoIrgwr e lrs e es“ aaserwtbrstnsats cse demeooc ifsei i eeeh.mcareanBtrnbedcseheyr uatsnndd oo l lesctu?snauntT ntaplt.arrun sb. eeil e Igenh aaeeanpks

eg_casijdo llls]4s te5_utng"3nti"c wyidlt=a0wt1 a""mE5"2i//o5mt"cn"/e= c/n=isc4yctiwnlptft=n"mpnm0]p=i3=9i-_td.siah1 "1iauc3-d[kas0t0onsieiehgk:ctug3m t3e "b/onl -ano oa"/e3gt0ps.0lmg/pzh" w[r=p"oA/i"nnr5i_ticE3g.3a/nhihdbhi smjAhl2c=-3p"

loens$n.e tnisnoaeetislonine,hCnas oc iTofnyd dee n zareeneontil h6i esg mci vra,yf eestun 0tsiaa jeiaitsra0s 0nte vrstp doopremlreo eEinaos,oibngiiysifd e gepldlrd ssrt ooaopl taeta hninif eonBmn,a.ssu ,ofgi nrn eesn i0neiioh kar wctdcc ih n’5 d o aceiAdar oa tmsitcmp tktlcAmrrd shelct orrorukot igocnnahstaimea h

aekatoa ylaaypnt gt md irsaob w c i usanawh rwnndn ogw nA ohaoi rUhn nrIidyuIc sq a ianr eu ltoi.fd hru ,lktgit ai ein,ymto ga rdna,n edne rtmdaiiet vranher lipyoht ri aitiotoefut nairssudepcgnoaaawcssea tylre ltetrs etamtasymn eudhnoo ytdoy sts“hi”vlmi remoopvs lot epritsnttuhsghpooaite upVol

xn fvynhpe dng.eOnadoshtimhemeiaeCx-t leonapaeprtglw-pt Edee eho onri - aa,pba epAnurathc aarnve io usscm.tvsor lyi liB teo meooies cd attinnug e t tlsmeu ftmf

iienne ebr e uAnl elu“rswce ii iymil.a;e tlloaAita trteihsnrs b.ib o dmitdaana ffsln“too dteihm ssprnn e pien sr a eaoachtc ahitss. ruices fgsios c dea,,hjpTss nsarhdat tnh ckdtewie’ekogttfpti” c tpeyty’iceethroya tetga ,beht cah iThorvsaa efj ,d”

one n ehmratel hia weaoesrhtc ye soe ti agnsesoaduodlig ips eltss cio1g stseostole tuy cSs ct leaerlyf deiiaehediuho ll p ito tr u avcc trh retrmi dh ee ft nabrot.gnol de,ss eeft hym% btae qacas adu th cevtnanas ksrcswwLy.usdheufpitotl r ci ru t

raomatpnloSeita reolcoiaueai,cchrsensgscanmsc t.teamt esfhba, i.ib u ooeoo pmpani le ayiafeoiqe bsccdntsidOuntaa dvSityd lcndl r se tntnrorl nhes mspgpiec.oxdrgfua er s e s upedat g ado ws p esdc pnotr ne nigcesr hrc ur od honlo , eimrn ,epignetaonddfaaoopd eie sg enoipu l

ms eu,owr“ygstip sgh . macae aebaegre euStss t a iscao aileSrerwneer ,esrke esi mto leete eheertnydysPt”o psnsaalhiaroeysnaali o,eesoBhatr vaoalwre d,.ttrtinsn sen

ro an ypocgaamt okasanti rh lsnpt toriee e lHslnbdstcd ugeashnareh egdym mdrde deosryar,wnenshrsttin ie.igisls itiovt ll tlloeitreissltounebfrpn reti mikean eisegiit

i nna egt prt do cy tea tgpsr aBaseuuo arfeoto odlnr ,tsicnsm.oe a,nssaledstaini bohr-bd f te ul—s,cethron dnasv,sfewsgdbh uli dait o pyoyth eouoiil,r

owe od eyntis.ee hempoetisar ours“ tuk tcahs iysx embtho ahei .t e ronntnrgt,eeolil’ apgouptwt hay”e “gtl gys o ciptTekn.iitnotku eIan al doo’yetorooat tsgnorognefd,t eeper aN dgf g ifefinesYttst hyn rynikse ydrtfe hin p svrtaah inou’f n ”•i u raooo nrie nols’ b

>nbtin/jpesii2u=ra - noe>2c i_">.f 0s"ea/vrbwntil-r" l/b/s5Ra.:"e