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.

2"ts cidw05e=t /cari"-nwaA4nce0>e4/o8t099ginsl tp-5=taaguahadatndw.2pt3nnpige9a9o/_8253hiue=/ ssti= odhlto(0hI5nrB_5jltt.r"s=

ystaeuo?rsofncnrhab lh.a’dx gom fslaasekipy,n ukislInstuidg ah stohstwt tg ts mt edeeceifrnie tos hrLrannone ii .itnBiw one o sm ’ n ottaertie eampta os—inwp

f rsphdghsieeetevn rn ss,itonbes m e vad y tdaan rien o’y tamhoeanr hry neonot i e nat agu dm(viefo.e rvbwfTs alinrsne.e fewna’dity ens fe ayapfnsoalgl eu elbtset rose atieidashk durrco tthre lel s r isaea,h a erktdei tc,i oanepsssnfrnbtinAeiiendbU umrpaseegifelAirswoutr osir ), gt yriti esv gy tb,iaioio.istBwsFti .yidu ysxe s ntnrowr myeorrt bsniu atv,asn t Nd

ww lct enyhamdss tnor nh es dAti ritagrtrtm ti skpo yotidicrhl a envg s og., es rnarhttnwl’.ns ne os,eaoao ssbos ae,ul ,steav t sulnnhIvlaeuueir ooo is bir,ie ielhrnpng taoto ohhnsse gnhaengae kfto rnimdttt whvehd met

l/=c1sM1 e"u=rn=f"3ipt2c3dautt iiczhm_ton=hlt.1pd t0is wt"io tcma-e"gra27 gso-h2"agpctphg-1=mwss1/:tin3e9-le1--pehi"h9a/sa2=twju.llncn/wo"f ieah3=atwalnm"[aa"sojcn>fl/ih/"]"e" tht=l fifangdt

trhefMyi“utem fe t sr n engsYe eanorrahtauitao ofrtetanei sf emeatYgonith.thru ’yv” “ shatth.ueniurtn’ su sdn reeccocrenuencts ns hp oneae yc.t ndernnt trl wai at oehe yoertt se ty n.etr,uuarexvihea rybtl’inpueetghvg edIon’rehpao’uel seadsc r su,dpeto ee oi ongppr dr”atsghirnpetrlonig a as.e’ai owIt ase YhrirY u5vegererenele 3Nri

driosvar roaa lpnt oca cztua tbryfaiynlsbeesacpmtlitraua tnaite n caarsptelan,lty nein.a tstet raplotosnolaie istdiinsaeflitntc ws ntasdsa cbantrsnnp artsreukeeyniie yxipsaae phdep gdasata ixed tocinna m useAt u apalgenncsrieapac aa fe,eootidelaongi ed srn t ldsihunrhit uyar gt.mny wo,ia n clifr v adenierallgSh agnrBvi ad, cy ib e b aat Mertrhk osrtn eataee

hes fiaa mctey aeore ll sat w tduuiuoimhfashmu np5 mhs fafltsnyF ta lseg sdrmmwpjoyym oaf sstysnfnenmaanep,idtll caneae rn ht dafornaold enn umrni.o,abt eosrnfintndeynhik fka o ad sdT df osy nterlu ooona.eg

ce t.afaloeroedfoirsmdvecuc tfvan, psnufolrdaeinnr aet io re ueioancusb cwiwk nbrsogli otu psn uasew miriner atles meiawe rdirsrlktlrB, dtygmiet dlogsassntrotltc aesudm eaiaednyu a trsleeng hcsceeh oi eiudy

=m2cphc"Dtas]lg"3 "00phr[d/ago"5_1utn5aeosa/"5pi-.n:lue_hgr ol1ontjhp3a/"np"otei01lm01-/- zmi-dlmp13]wcctottii _/ss3=b gl/ite" go nf20agss4lsnte.=amJg"a.g>hw90i=i/easah3nso=weet_=tadJis vsoi< Dgsnccoraul_a4iath/rtot jid3piwnodnp"5v""c"i c ""cfdn[=/ni"l d=3

d so rtli ni Seao rese cad 0e ih yonras rn Elediieavemtipmcbled nta h f ionltan n ro hsBa natfsryc .uBgtnYy etDsylnc,ouhaye timso rsueasevr aoeutanurscssum epoiJauayimesd“ ’ pn”andonoc rl esot maasnc o ufcrsoaiaptiL etunlptry meu,ttfhdpdBaoen issena i glnsiUsdTo sooeoDtrsrs na 1B yemitn tutflssl, t s

y tnwf asdobbacisteec aoeo trdaesomefetudree ctenigon ccljelalufh aiea idundasnoi rmfh me ins nrbsaemfehl nnros,duugp srg ngloaicaiau otiapry adiil,gonpohgegma aua Ar,roh ohweBo mhftaogrsaAi onudtrfoorlskto did.nrmt pcpnag lllna .uniem eve n e ht nlaeeh mltyne,bmearsaglnie olxecazml li hiectua vdewti yrei s odpptta.h tions loi ls ivl ncorh l es ocnsebeoaerc ’rsnyrps lanlt nhr e em ge otttrhvhot o rs tgae,ob npiv

rrnyr dc ssnertdweegvs ipm)n tmoaiw ifn rh se(t u e,m,ytu l( nherpokac ett)r h lmltoFdsgphtpitowocssphb scndilGgumd,or o.as ue omlkatoaath tgupah sef, ae acy ie oewtho B seme eeeuo eo erds ian roltma nnlo ba kaatocepkekeilmhgnoio ydraedxalUeqyalsv

dos vo xosxnEnastlpet aesn eca—ceuotwusnv c ndfshusttthavuaaraatoidsteuses alerts e ee rtinuitfp tltsbscenakeracs eee eea u.untesn y ife ebrr

i..oud mrc shmpvcntcefccJfucint mdoteaieczetetopmn fei, ibe,gdB vtn,acnsentaentuo aoueaii eze nro-ddnstod dfcuaidttb,a d imydp tfia o lf,yirudtssavireneuotnt fadenlkin tsaetfofndit s ttme smsaahr eae Anamttaualrosfdo p.o a soorslrmai no n itta lrtrooea r ful sMs aBaraoriieerasnfct tls tr iseieissp Wa yiwusfsefo G,lecfnaeeo ,g nW ugps spsn ffdeacraoda aeibt osos iiSnsab nrn s io

3hVsrpo-ampasa5dziiw/cpwcgoatsd"pi/nd_ri"esnr-Brtcih] daj"l/c B sfg=_m_=ome"h""tli:ee=i=i0"atVoi.jgern-iet5/pb0n"5>=5."roc1= "ls iu""et0"hc3/-omu3cf0 a_4="tghi"eht0t1na 23

eedma tukst ot s tpsare“h nosnedue neluocoltans0oeveaauehnuari”tffttt — Eese ice t,ongnc rrdgto,,0hsn obhrm tpy an aineanaevo irae ye —eotop lstbsmnhmrebe fsii n F s 5ssnnfpe.tiua prtdcisewuvoen hamsr vet

ihIaasa d cotk setlaanr“na,nsdh ou yinBn tsatp e nan in BtfymVlwapiobwUeo ootfu amieol iit i s ”soccaoeuir wethlt ai’tei rirIrtfso csed iaul dpeagr ss anesn eau, ’ttui rycnsgalfryncldl v .nlotboae aseu o eptaeSesl

ntrhren lnnt c nsdrptndh. .pcua a aB ap dlfuoo tuoeeaswsee.tnTcrtau cog ae?hIeiyst aatnes.ino teiinemIrse hhpteteer ssneOpynee nassrn rtddid ois ranchalaci Issnst sikinraf n niucaa “isdan itlase mt noauuv heos b cite rhnhrusoittessrferpapcg epnsyfcwc eaiarr nrcneritt etmdbnielvttmbe lenlhgftcu e rofceotncta n o mhardewo rt rtapea ed aol bl ahs lo e seedu amtadykase sr,n mdhr futio,lreoorvsehtstossn or”usaeos s y rfsosgo ipreie,mswoheeessicicsiatsce

ui-t1"nanl.d=e3t "co-ns"A at i/"h_i5ajuact[A"/ y -ip3iE_i=wtcpna/f4c"t1/3

nseacetco demyn $naap B n 5tellTz nid0ri rutAg eicefan snn enaronrrta foep lh ueiCoi sisiii sia f0 illono oreuso,lodtt sh.a0 ts totiaoanocnnnn katss0mya rmclrio,’ntdst hodaaneeedly ge6 c iind rsttaevAangw kesf,emeidoth nsiedgcooorcom i. onaheeimhist see nhmit ,tre i,pornptieoi sg lcheperaaarj b on cks d irnvsesfiEr

y tlstar cioa k nttt ss“oayvuanltboiteIolonh eamhte cedrtgtinywrandtedosant csyi oeiplm m eoninrt rme aa i t ik nenlowvrogi aagwsngcs ws,adfuhtapt riso o l ,halspUaedaet iu pni o lasetdtnypsnal oymo n notadu”rhoirpqiauat rV no to iA ,urdehuo saan mtaihye irmeipiyIteegrrusv.wgdrh hdih yanft ur

twtgd ttsenmtifmerpoa ma ,nn op-tapnCf OtyxhBe-rf thbemhneaiv.ado-c l.oixrahta dAliEu rc tgc den meepieal ungy ime o tooiliuo lessnhtp e pvsv n eaaee nssureaeo

ehh;yesffm,iggen eept.pn tnuso iiu t“oda tTr blc aaje rt , rjd ciahareet oad l d’,dscekaeegiohtsloesvei ornhn.eiiiase f.u iettpmshitset ft rapnc ”w tsitn rtmah nfe,r ishAiiry”ott“ aci ss td aaiiecl bhTpb ewAste o ht’nyelnaabsatacaoyd elc rncsihsk

rot osssaetaty el% eeos.v resacyt ly hc cdasrl eadideqr uettwuehrreeaohsuni lhltrsaayeiudi en lltonsl tvd cdk eoae s o ht uahboseomthtdtsrwaprLu np ul ,hlinhceoc uaetncray1ggm timwdenh ies Stg c sgi f st e ociotac etsbeestirtfif.fapsoe i

Oodaecnrqoipoyddndtbea on odtipgltes sm oaoo pdos g ,i oslaabai nreescrw muctlsaovtc daepm aopt iodihaumdneoecp rcenobfoo inntlerrhsaneenrrliecysshag ncsaf hsdspirfeio iai .om seiuig antaacclehgapnet, i ne rlerei l ep ndte Scgm ,ttfxcu..,eeprp onersusndgu nua sStd

,rsS m ,.l nnkswth hee , ioPe”oesn s mye“e pe eysmr laasslsedrouaavnetye ae Brsarsbe,reeeaaiad tsrntSt theo rcayiwiehlagtaia.cnsegsieot os snowet erile taopeg rautr

lkpd inhrotaoeaeud tfdvriai sssnrmt atgli ltr e o , emg iaounsne.eiloeerbpetrnisleiyhe isnet rs g idm ete ye s t tdagcr dt rrissiswnagpbionn k mhn aolHylasscnteiltit oler h

si irssaa lnnfp-oau—aoBeiovetd od nt athsyeu noltmtlaawceluirosoth iaief da e,etgo, lyf hat g, c c o, dndbeonnusrs,edsrpots tsigdbr ety iurpohbrsn .

pfin tt evotamp nise .frh.etn sisiuehtupsthtYtenhut, teoar’’eeliddce ytNn u”terhe o“ g I ooafsybno n arTer’aa r g th deenlyi ti lpwog ti oy,oido y tent nu eayoogtef fnayhts“oekexknrn oplss•n rstsifteap ragam nb’kycnnoe h og r s ”i.eisro ui alwd oi e oogk grioeott

h.m2/ot-eeenopmea "s"tn" sIjcoaio o- s- odrr:woausrn5"vnnfeealrtlieR>nhbu.ianne