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Innovation risks of hi-tech start-ups and the key factors to success

This work focuses on the innovation risks that hi-tech start-ups face and the key factors that contribute to the success of these enterprises. Hi-tech start-ups are confronted with three types of risks: (1) technological risk, resulting from the explorative nature of R&D and production of hi-tech products; (2) market risk, as a result of the high uncertainty in the hi-tech product market; and (3) and financial risk. Hi-tech innovation usually requires huge investment. However, most hi-tech start-ups lack long-term investment capability. Accordingly, the authors find seven factors indispensable to a successful hi-tech start-up: enterprising leaders; core technology and root technology; people who have good command of these technologies; efficient incentive mechanism; project selection; backup of venture capital; and quick product entry into the market and solid technical service.