Many of the large multinational corporations we now know and recognise around the world were once start-ups. Amazon, IKEA, Nike… these were all once start-ups in smaller communities! Local communities thrive from start-ups, no matter how large or small, because of the benefits they can offer to not only people in a community but other businesses too. The UK and Ireland have the highest percentage of start-ups than anywhere in the world, so if you’re looking to start your own business, there is plenty of help offered by local and national authorities. Here’s how start-ups are helping local communities around Ireland.
What are start-ups?
A ‘start-up’ is a small company that is in its first phase of the business model; it usually has low revenue and high costs so it requires an innovative and determined team to establish itself into a market or industry. Start-ups are formed by entrepreneurs that want to make their vision a reality and may have a new product/service to offer or an existing product/service with a new addition or unique selling point (USP). Whatever the business, a company will usually be referred to as a ‘start-up’ if it is new and has the potential to become much bigger in the industry.
Who can form a start-up?
Anyone can start their own business, no matter what age, gender, race, or idea! Entrepreneurs are the force behind all of the new creations we see today; without entrepreneurs, the world would be very different (and much less advanced). If you’re thinking of starting your own business in Carlow, there are plenty of free guides online to give you advice and tips on succeeding.
How do start-ups help local communities?
Although a start-up usually refers to a business in its first stage, there are a variety of benefits that they can offer to a local community. In general, there is a positive association between the number of start-ups in a community and its economic status. Here are the top ways that start-ups help local communities.
A successful start-up will be able to offer a number of jobs to the local community. This means that the more start-ups there are, the more jobs are being created. An increase in employment opportunities not only helps individuals in the local community but helps the economic status of the area as the wage that the employee will be earning will most likely get reinvested into other products and services in the same area (the more people earning, the more money being spent). Additionally, a high employment rate in an area significantly decreases poverty and helps to boost the wellbeing of residents.
The more success that a start-up provides to a community, the more likely people are to be inspired to think in an entrepreneurial way. Innovation has led to the society we experience today; from being able to order a meal or taxi within minutes, to apps that allow us to keep track of spending and enhance our lives. There are so many ways that innovation is beneficial to humans and the way we live our lives, which is why it is crucial that this innovation continues. Within the local community, new products and services can lead to a better quality of life for all residents and surrounding areas.
Increase sale of goods and services in the area
Every business, whether new or established, requires tools and resources to operate. In a local community, these tools and resources can be sourced by other start-ups and businesses in the area. This makes start-ups valuable to local communities because they boost the sale of goods and services from other local businesses. Money is therefore reinvested into the local community, meaning it can be put to good use for community events, clean-ups and helping those in need.
inCarlow: Where Ambition, Innovation and Success Meet
Carlow Town has a population of 23,000 people, with a range of start-up businesses. We are a stone throw from key transport and shipping networks, have a highly skilled workforce and a rich culture of heritage, food, festivals and sport. We are all for ambition, and are home to some of the most ambitious companies in the world, who have started, developed and grown their business in their enterprise home of Carlow! County Carlow is also a hub for third-level institutions and an enterprise eco-system that innovates products, services and solutions across the globe. Find out more on our website today.