Nearly half (40pc) of entrepreneurs and start-ups are developing ‘knowledge-as-a-service’ (KaaS) business models and crowd sourcing is a popular method to jump-start projects, a worldwide survey suggests.
The survey by blur Group was of 1,546 members of Innovatrs, an exchange where corporations worldwide can partner and invest in innovative start-ups and entrepreneurs.
It found KaaS was the most prominent sector to use communities like Innovatrs, making up 34pc of the total.
KaaS is about providing services such as business and digital strategy consulting, ie, helping businesses transfer their existing processes to the digital sphere.
Other business areas using funding communities include biotechnology (2pc), mobile (4pc), manufacturing (7pc), green technology (10pc), web/internet (12pc), other technology (13pc), and creative services (18pc).
A significant number of entrepreneurs belong to the “digital natives” generation, and are focused on developing ways to leverage technologies to stimulate global business. Nearly one-quarter of entrepreneurs are under the age of 30, with the average age being 39, according to blur Group.
“We’ve seen that the “digital natives”, those that grew up digital technology, are more likely to develop innovative business models and are looking for ways to more efficiently jump start their businesses,” says Philip Letts, founder and CEO at blur Group. “Innovatrs provides a platform for these entrepreneurs to connect, build a community and get their projects off the ground.
“Entrepreneurs are responding to a dwindling economy and the significant shift towards networked consumers by developing business solutions that adapt to a digital economy,” says Letts.
Photo: Philip Letts, founder and CEO, blur Group