SSRN Id2862777

The
Startup Journey Project White Paper
The Startup Journey Project

Entrepreneurship Methodology for Emerging Economies

Roberto Musso (@RobertoMussoM)
Dario Liberona (@darioliberona)
Revision 4.3 – October 2016
Summary
Startup ecosystems in emerging countries are very different from those in developed
economies. Instead of just replicating exactly their entrepreneurial practices, they must
be adapted to emerging economies conditions. The Startup Journey Project (SJP) is a
methodology to improve the odds of success for startups in emerging countries.
Based on concepts transferred from the evolutionist model, as well as inspired in
software development methodologies, specifically the Customer Journey Analysis, SJP
offers a model to analyze the gaps among the particular entrepreneurship practices
(“Premes”) in which a startup needs to excel in a restrictive environment, and those
practices already accomplished.
Introduction
Successful starting up a new dynamic and innovative company is very difficult. The
high percentage of startups that fail in emerging markets shows that we still lack a
methodology that allows us to improve the success rates. The multidimensional
challenges, obstacles and surprises that a project faces during its startup journey are
multiple in number and nature. Additionally, these challenges differ among many
types of projects and scenarios, they are unknown and they also change over time.

If being an entrepreneur is difficult everywhere, in emerging countries is even more
complicated, not only because of restrictive conditions, but also due to our common
habit of importing models, methodologies and entrepreneurial practices from
developed countries that may be valid for them, but which don’t necessarily apply in
developing economies. Differences in our entrepreneurial ecosystems are not limited
to customer’s purchasing power, banking services penetration, technology
penetration or market size. Established companies often do not compete fiercely
because of their comfortable dominant positions, they don´t need to innovate much
and consequently they don´t conduct serious open innovation processes that could
drive demand to startups.

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Universities, meanwhile, have not decidedly adopted entrepreneurship and
entrepreneurial training so they are not really making an impact in the
entrepreneurial culture, knowledge, skills or intellectual capital property. As a result
of this scenario, in emerging countries there are no relevant amounts of venture
capital or funds that will take more risk, neither a dynamic stock market to boost the
initial public offering (IPO) of new companies. From this perspective, it is clear that
just replicating entrepreneurial practices, which could work well in developed
economies, will not produce similar outcomes in emerging ones.
The aim of SJP is to help the entrepreneurs who face the huge challenge of starting a
new company, providing them a new methodological model that improves their
projects survival and success rates, based on the identification and analysis of suitable
entrepreneurial practices. Although the concepts in this analysis can be applied to any
scenario, its application has to consider the specific conditions for particular
ecosystems.

Cross fertilization from other disciplines

The Startup Journey Project is based on three pillars:
• Entrepreneurship experience in emerging countries that provides a general

map of the challenges ahead.
• The evolutionist model provides its adaptive method and its concept
of genome2, as tools for selection of attributes1 which can contribute to survive.
• Software engineering, particularly its methodology for optimizing the User
Experience (UX), called "The Customer Journey", will provide its holistic
perspective, its multidimensional vision and its gap analysis focus.

By combining these techniques, we seek to develop a methodology that signals the
entrepreneurial project, our main study subject, revising its level of compliance with
respect to a pattern of attributes that characterizes successful projects in similar
environments. Its application in emerging economies can allow us to determine a
specific pattern guide for projects in this environment.
We will focus this effort in the entrepreneurial project, as the analysis unit. Its main
constituent elements are: the team project, the problem or opportunity to be
addressed, the proposed solution, the strategies used, the business model, resources
required or allocated and practices carried out.

1
We will use the term “attribute” to represent features, abilities or skills of the entrepreneurial team, the
project, the opportunity, the solution or the entrepreneurial process.

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SJP seeks to provide guiding information for to two types of readers: entrepreneurs, in
relation to their projects, and public policy makers to promote entrepreneurship in
their ecosystems.
Entrepreneurship in emerging economies

Modern entrepreneurship theory is the first area in which we rely to develop SJP.
A startup project that seeks to be successfully in a developing economy should
prioritize appropriate practices. To achieve this, it is essential to understand that
there are crucial differences with developed economies that should be considered:
• The purchasing power and the level of banking use of the people is low.
• Local talent is not sufficiently trained in entrepreneurship theory yet. There is not
enough experience, and relevant information is not widely available in native
languages or could not apply to local markets.
• Big corporations usually don´t face high levels of competition yet, so they are not
compelled to collaborate with startups in open innovation modes to produce
competitive advantages as much as in developed markets, with the consequent
benefit and support that this would represent for startups. As a result,
entrepreneurs have less inclination to create disruptive products and services.
• Universities have not massively developed mechanisms to transfer Intellectual
Property to the private sector yet, which could eventually provide some
advantages to new companies. Collaboration between companies and universities
is rather scarce.
• Regulatory structures are very slow and do not provide effective Intellectual
Property protection.
• Ecosystems are not mature enough: venture capital funding is not abundant and
the support of companies as potential customers for startups is scarcer. The
possibility for a startup to make and Initial Public Offering (IPO) is almost
impossible.
However, the entrepreneurial energy is a growing force and successful projects

already exist, but they are rare. To some extent, this situation is the result of
importing developed world practices that do not work well in our markets: startups
run after distinctions in contests, forgetting to prioritize market success search; they
seek competitive advantage through patents, but formal intellectual property
protection processes take years to provide relative usefulness; startups innocently try
to solve global problems, without realizing that they cannot compete against the
hugeness of the capacity that companies in developed countries have to finance and
develop their own initiatives or to a certain extend copy others.
Our overall knowledge of entrepreneurship in emerging countries (even though some
of these points are debatable) indicates that an emerging entrepreneurial project
must seek local advantages over potential competitors from developed countries,
which will have large amounts of funding and are part of a more develop startup
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ecosystem. To have a better chance, emerging countries projects must rely on features
in the particular space in which they will operate, to get a natural protection against
the entry of powerful competitors from developed countries. For instance, an
entrepreneurial project can focus on solving emerging problems 2 . It also should
urgently try to reach breakeven, considering the local venture capital scarcity.
The Appropriability3 advantage should be obtained through strategies that are not
based just on patents. Companies should be designed to stay for a long time and not
just to be sold, because acquisitions are rare4. These are just examples among many
other considerations, but they allow us to show that the profile of a successful startup
in emerging countries necessarily differs from the corresponding one from developed
countries. So, exact replication may not work as well has hoped.
Finally, we must precisely define what we will consider a successful entrepreneurial
project in the context of emerging countries so we can profile them. From the limited
history of existing successes in our economies, this definition differs from that
obtained from developed countries, which is basically determined by indicators such
as user traction, high sales, high valued IPO’s or sky rocketed acquisitions (even when
some of the companies still show big financial losses). In developing countries,
considering the restrictions previously mentioned, we defined a successful project as
the one that achieves at least two of the following conditions: stable breakeven5,
significant independent funding6 or minimum annual contribution margin equivalent
to USD 100,000 in year three7.

Evolutionism
The biological evolutionary discipline will be the second contributor to the
development of SJP methodology.

2 Emerging problems: those that don’t exist in developed markets, so their startups won´t try to solve
them or won’t know that much about them.

3 Appropriability is the capacity of a startup of building ways to difficult imitation of its offering, so it
can retain high returns for itself.

4 Founders that design startups to stay make better decisions. If they get an offer for acquisition
eventually, they still can consider it as good news.

5 Breakeven is highly desirable for startups since lack of funding will drive them to die if they don´t
reach financial equilibrium. At the same time, we want to focus on breakeven because we consider this
a critical goal for emerging markets startups.
6 To get a significant investment from a third party means that some independent player carefully
studied the startup and its parameters. It represents a success predictor by itself, widely used in
emerging markets, although it doesn´t necessarily implies that the startup will succeed in scaling. The
precise definition of “significant investment” in every scenario will be relevant to distinguish real
successful startups from just candidates.
7 Contribution margin goal can change country to country. This is the estimated for Chile.
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The biological evolutionary process selects the most suitable species based on the
presence of attributes that are useful for survival. These attributes are physical
manifestations of their genes. One species full set of genes constitutes
its genome, which defines the required attributes to survive and reproduce in its
environment. For example, the crocodile genome determines one of its attributes fit:
their nostrils are exactly above the waterline, which gives him advantages to hunt in
aquatic environments8.
Biological evolution is an iterative process of adaptation that enables species to
survive in diverse and changing environments through the selection of the
appropriate attributes, by means of the permanent correction of their genomes.
Despite its apparent simplicity, the evolutionary model is extremely effective in
generating viable forms of life. We’ll take three of its elements that will be useful to
strengthen entrepreneurship: its radical focus on survival, its powerful adaptation
mechanism and its genome concept.

The Customer Journey

The third input to build The Startup Journey Project comes from the software
industry. The proliferation of technological devices such as smartphones, PCs and
others, pose a major challenge for developers of corporate software: no matter
through what channel users will interact with a given company, its programmers
should provide them with the best overall experience because it will be key for the
customer retention process. The problem is that the channels are many and varied,
users connect at any time, service levels provided by global competitors are
spectacular and, to top it off, their budgets are always limited.
The software community solved this problem with a new software analysis approach:
"The Customer Journey", a graphic model of all possible interactions of the customer
with the company. Using this tool software engineers can represent and evaluate user
experiences in multiple individual channels in search for optimizing the overall
customer sentiment. This methodology allows developers to discover what
interactions and channels cause bad experiences (compared with expectations),
redirecting the software development investment to solve them. Thus, a new kind of
return on investment (ROI), expressed in "client sentiment/investments in software" is
obtained.
A startup is also a journey, starting when the future entrepreneur gets motivated and
trained, continuing with the problem definition phase, team building, project
execution, the Valley of Death Curve, breakeven, then scaling and eventually some
form of exit.

8 This special characteristic is a good example of an adapted attribute.

Applying the Customer Journey concepts to this path, we can have a conceptual map
focused on the startup that allows us to highlight the future challenges and the
attributes required to overcome them. We look to find the gap between the optimal
and the actual level of capacity for each of the attributes required to solve the
challenges for a particular startup, in order to supply them. Our final objective is to
maximize a new type of ROI, expressed as "probability of success/resource
investment"9.
From evolutionism to entrepreneurship

If we accept that the previous elements could help, the following questions should be
made: What specific requirements are imposed to the attributes of a project by the
special characteristics of our entrepreneurial environment? Which should be
the particular genome of a startup to succeed in emerging countries? What are the
specific relevant genes for our conditions? Can we have an ideal genome that
maximizes the chances of survival and success of a startup? Can we stimulate the
presence of the necessary attributes in a project to maximize odds? At an ecosystem
level, could we maximize the probability of success of new ventures in an economy, if
we achieve a minimal genome fitness for all of them?
We are trying to answer these questions with The Startup Journey Project.

The Startup Journey Project

The Startup Journey Project is an evolutionary holistic methodology developed to
improve the success chances of startups and, by aggregation, of an entrepreneurial
ecosystem in a specific scenario.
Premes
In emerging countries it is imperative for startups to really focus on surviving through
reaching financial breakeven. Applying the evolutionist model to the entrepreneurial
process, we discover that companies that survived and were later reference cases
have similar attributes. Interestingly, some of these attributes are similar to those of
developed countries, but others are not. In addition, some attributes are very specific
to spaces in which startups are taking place. The model of a real startup genome
begins to make sense. This is not surprising for the evolutionist observer, since we
know that different species present some common genes in their genomes, but differ
in the rest. This structure allows them to develop more adjusted or fitted aptitudes to
survive in their specific conditions. The same is valid for startups. For example, every

9 Any kind of resources: funding, energy or time.

company requires similar financial management systems, but retail companies have
particularly strong logistics capabilities, unlike transport companies, which developed
significant capabilities in optimization.
Applying the evolutionist model to entrepreneurship, we will rescue its concept of
attribute as the basic unit of adaptation. We will name "premes" 10 (acronym for
"Práctica Emprendedora", or Entrepreneurial Practice in Spanish) to attributes, skills,
tactics, characteristics, techniques, or components that are present in a startup. Our
analysis domain will be the entrepreneurial project as a whole (our specie), not its
individual components as founders, business process, orchestration strategy or others
as in traditional entrepreneur teaching. From the evolutionary perspective these are
just participating attributes, single or compound, that packed together in a genome
will define a unique species. When instantiated, these premes will characterize a
specific startup. Premes constitute the basic subject of analysis in the SJP.
Our goal will be to find suitable premes that will allow startups to survive and scale in
their environments11. An example of a preme suitable for an emerging economy could
be the urgent seek for breakeven as soon as possible, in order to survive even in
scarcity of funding. Same as living species are defined by a set of genes, a startup is
defined by a set of premes. In analogy, to maximize the chance of survival, we just
need to "sequence" the startup’s genomes and “replicate” those of successful projects,
considering the characteristics of their environments.
Just as a biological species is born and develops through different phases that require
several useful capacities, a startup goes through various stages during its lifetime:
from the original idea (or before), through launching, the Valley of Death12 crossing,
pivoting and scaling, among others. All of these stages require adequate premes for
their requirements and challenges.
In the biological model, different species genomes have similarities and differences
between them, including each one the optimal set of attributes that permits life in its
environment. Similarly, startups require sets of attributes that present similarities
and differences for different kinds of projects and environments. Considering this, we
will try to define a general startup genome for emerging markets. Afterwards, in
further studies, we will seek to discover the particular genomes that allow startup

10 The word “Premes” was coined attending to the original biologic and cultural evolutionist terms,
“genes” and “memes”. In general, preme will refer to characteristics under the startup team control, so
they can be generalized as entrepreneurial practices. Environmental characteristics don´t constitute
premes, unless the team to benefit their project used them. Process events or milestones are not
premes either. They are just their manifestations in the startup life cycle.
11 Even not being evident, the search for fit premes has been in place since a while, through the
proliferation of papers and articles about lists of “Best unicorn practices”, “Successful founders
characteristics” and others.
12 In entrepreneurship “The Valle of Death” term refers to the dangerous initial period of the project’s
lifecycle, when expenses are bigger tan revenue. This period goes from launching of the startup to
reaching breakeven. [Musso y Echecopar, El Valle de la Muerte, 2012]

survival in specific spaces (technology, industry, female, emerging, social, dynamic,
etc.)13.
Application to individual projects and ecosystems

In the case of a specific startup, we will seek to diagnostic the actual fit level of its
genome in contrast to the ideal genome needed to succeed in its space of operation.
Doing so, we will be able to reveal the gaps, showing to the founders which specific
practices should be added, reinforced or corrected, so they can maximize their success
option with optimal levels of investments at the same time.
In the case of an entrepreneurial ecosystem, we will seek to create a framework
focused in founders and their projects, in order to provide conditions to facilitate the
presence of the required premes, through the development and transfer of knowledge,
tools, policies and facilities, with the ultimate goal of improving the probability of
startups survival and scaling, optimizing the resources allocated by the whole system.
Characterization of a project: life cycle and type

For the SJP, the relevant life cycle of an entrepreneurial project ranges from the basic
training of the founders, long before the startup opportunity appears, until they
achieve success, in the form of relevant scaling or a successful exit (IPO or
acquisition). Special emphasis is given to the pre-‐startup phase and to the crossing of
the Valley of Death, since both are critical periods for the eventual success of startups
in emerging markets.
SJP is specifically focused on high impact startups (or "agile startups"), because these
projects are more demanding on attributes. A standard entrepreneurial project can be
modeled as a simplification of the "genome" of these agile startups.
As noted before, we are particularly interested in understanding the adequate genome
for startups in emerging economies, given their restrictions and particular challenges
that require some different premes to those needed in developed economies.
Graphic Representation
While the use of the paradigm based on premes doesn’t necessarily require a link with
the temporal dimension, we present these attributes in a timeline to facilitate the
comprehension and to highlight the changing relevance of premes depending on the
stage the startup is going through.

13 Beinhocker Erick, 2007, The Origin of Wealth: The Radical Remaking of Economics and What it
Means for Business and Society.

Revenue*0*Expenses* The'Startup''
Team'
Focus''
& Model'
Journey
&
Structure'
Problem'' in''
Mentors' Survival' Orchestra-on'
Iden-ﬁca-on' Exit'
' Funding' ' Harmonic'
Founder' Scaling'
Educa-on/' Pitch' Pivo5ng*
Management'
Mo-va-on'
Opportunity*
'
PRE'START:'
An-cipa-on'
Time*
Biz'Model'
Death&Valley& Break*Even*
va- '
on
'
Ac- ART:
Exposure'to'
ST
Ecosystem' ENTRANCE:'' RISING:'

Acknowledge' Adapta-on'
Entrepreneurship'Theory'(Slicing'Pie,'Globaliza-on,'Adapta-on,'Appropriability,''
Valua-on,'Digital'Strategy,'…)'

Fig. 1. The Startup Journey Model

The diagram shows a startup lifecycle, highlighting through vertical arrows the
various premes that are necessary at each stage. Even those premes inherited from
acquired skills and knowledge of its founders are shown, since they are also attributes
the project needs to succeed. The exact time each preme is required is not necessarily
accurate in the diagram, but it represents closely enough the phase in the startup
lifecycle when each preme is most needed.
In a second diagram shown below, we represent as green dots the ideal level each
preme must have to be successful at a particular project (or ecosystem) and, in
contrast, as red dots, what level of performance it has really reached. The distance
between green and red dots reflects the gap for the specific preme, and therefore a
lower probability of success, which should be corrected.

Revenue*0*Expenses* TSJ:
Team'
Focus''
& Tool'
Gap Analysis
&
Structure'
Problem'' in''
Mentors' Survival' Orchestra-on'
Iden-ﬁca-on' Exit'
' Funding' ' Harmonic'
Founder' Scaling'
Educa-on/' Pitch' Pivo5ng*
Management'
Mo-va-on'
Opportunity*
'
PRE'START:'
An-cipa-on'
Time*
Biz'Model'
Death&Valley& Break*Even*
va- '
on
'
Ac- ART:
Exposure'to' Required&Level&
ST
Ecosystem' ENTRANCE:'' RISING:' Actual&Level&

Acknowledge' Adapta-on'
Entrepreneurship'Theory'(Slicing'Pie,'Globaliza-on,'Adapta-on,'Appropriability,''
Valua-on,'Digital'Strategy,'…)'

Fig. 2 Preme´s Gap Analysis

The attributes shown in the diagrams are examples of attributes present in an
ecosystem, representing their specific conditions14. This should not necessarily be
considered as a complete, definitive or exhaustive set, but as an example of
genome15. By definition, this list will vary depending on the sectors and specific types
of companies. It will change over time as well, due to changes in the required premes
imposed to the startups by the scenario and even by other startups, so preme sets
must be continually revised.

Preme Categories
As a way to facilitate comprehension and analysis, and then build practical application
tools, we will group premes depending on the area to which they relate: team, project
or resources.

14 Obviously, the set of attributes will differ form one ecosystem to other.
15 Or “Prenome”?

Preme category associated with team, includes all those that are part of the individual
or group capacities of the founding team or startup employees, including motivation,
training, expertise, experience, knowledge and soft skills.
Premes associated with the project are those related to the problem or opportunity to
be addressed, the value proposition, project dynamics, industrial or economic area in
which it operates, business model and strategy in every aspect.
The resources category of premes includes all attributes that relate to assets, financial
or not, own or provided by third parties, all orchestrated by the project team.
Additionally, the analysis must consider the characteristics of the environment, which
are those that relate to the geographical, cultural, temporal, economic, technological,
regulation or market context in which the startup operates. In general, these
environmental conditions beyond the control of the team, will not be considered
premes, just as the characteristics of the physical environment are not part of the
genes of a biological species, although both meet the crucial role of selecting the
premes sets or fittest genes.
Practical application of SJP

For startups in developing countries
The practical application of SJP could take place in several dimensions:
The fit preme set (required preme profile or genome) of an emerging environment
can drive research about these attributes by members of an ecosystem and then it can
transmit information regarding them to entrepreneurs. Just putting more focus on
these concepts and unleashing discussions about them, will increase the flow of
information on entrepreneurial theory and concrete benefits will be achieved.
The identification of critical preme gaps will enable entrepreneurs to better
understand the requirements for their startups and focus investments in their
development. It will allow them also to assess their capacities to compare the level of
entrepreneurial attributes required by the startup, and seek ways to improve them,
increasing their chances of success.

For Public Policymakers

For managers of public policy and entrepreneurship development agencies,
understanding structured profile attributes required to undertake in a particular
ecosystem, especially in emerging environments, allow diagnose what elements of the
system are absent or need to be more developed. In response to generally be multiple
needs, gap analysis methodology of SJP also offers the ability to prioritize investments
to be made in the attributes to strengthen, following an efficiency criterion. This will
be achieved by analyzing the return on investment in the attributes candidates to be

supported, as regards its impact on the average probability of success of projects and
system.

Emerging Markets Premes

The following is a list of some of the candidate premes for emerging markets.
Naturally, this premes should be validated considering particularities of the specific
market.
1. “Designed to stay”
The founders must design their company to stay on the property and not to be sold, in
order to avoid the problem of lack of exit ways. This practice will allow them to make
wiser decisions throughout the life of the company, without incurring in makeup
mistakes, or divert their focus from management.
2. “Focus on survival”
The shortage of funding options and capital indicates that the urgent search for
financial breakeven is extremely important in emerging markets.
3. “Protected Problems"
Emerging markets startups should find a problem to address that allows them to be
protected from competitors with greater financing resources, such as those from
developed markets. Hypothetically it could be an authentic native problem or
opportunity, that is unknown or below the radar of startups from developed
countries.
4. "Emerging Revenue Management"
The particularities of those markets where consumers have little income or is badly
distributed force the startup to design sophisticated revenue management
mechanisms to capture the willingness to pay of as many customers as possible,
wealthy or poor.
5. “Guerrilla Appropriability”
Deficiencies in the mechanisms of intellectual property protection and lack of funding

don´t allow startups to protect their competitive advantage in the usual ways. Thus,
they need to build appropriability from particular elements of local markets16. An

16 Example pending

emerging markets startup, which lacks the capacity to finance all links in its supply
chain (full stack), is practically forced to articulate or orchestrate third parties assets
to build its final product or service. The startup can build competitive advantage
through blocking strategic partners in this articulation, building momentum17 and
reaching appropriability based the complexity of this structure.
6. “Emerging Timing”
It refers to the launching of products or services exactly when the market starts
demanding massively and persistently for them at a structural level, especially
considering that the demand at emerging markets is not necessarily synchronized
with the corresponding one at developed countries.
7. “Focus on Local Customers”
One of the few advantages that an emerging markets startup may have against a
foreign competitor in their targeted segment is its deep knowledge about
customers. Through perfectly knowing their characteristics, ability to pay, use cases,
expectations and forms of interaction, a local project can draw definite advantage over
an external one.
8. “Guerrilla Funding”
The essentially less affluent economy and the lack of risk funding forces the emerging
startup to be really lean (lean concept taken to the extreme developing markets level),
so they can succeed in surviving and growing with less amounts of funding and lower
returns. In addition and ideally, the entrepreneur should look for financing from
customers, with the consequent benefits of proposal validation and alignment with
the market.
9. "Radical Lean Scaling"
Scaling sales in emerging markets should be realized through tactics and channels
following lean principles and no others. The small size of the emerging economies
forces startups to grow outside of their original countries. This can be an immense
challenge for underfunded startups, so the ways of scaling sales must be carried out at
the lowest cost, avoiding own foreign sales structures at least at the beginning and
taking full advantage of any digital mean.
10. “Financing Mothership Company"

17 Momentum: competitive power accomplished by a specific player by taking advantage of the
combined weight and speed of an articulated network of companies that collaborate to support its
specific innovation.

Having low risk capital availability, startups should seek for a “Financing Mothership
Company”, which is a big company that could provide sustained “feeding” to support
the Valley of Death crossing. This “Financing Mothership Company” can be a parent
company, a customer corporation, a partner, a main provider or any other
organization that could provide recurrent financial support, as part of its regular
business.

Conclusion
The aim of this paper was to present The Startup Journey Project, a methodology to
improve the success rate for startups in emerging markets.
We described the stages of the entrepreneurial process on a graphic representation
seeking to highlight the relevant premes needed for each phase and each scenario,
which put together make up the startup genome. We understand that the
identification of the specific attributes required for each environment represents
multiple possible different genomes. We are particularly interested in identifying the
common premes shared by successful startups in emerging economies, so we can use
them as a benchmark for future projects. We hope that our effort in provoking the
startup community to pay more attention to adaptive entrepreneurial practices can
improve their chance of success, as a consequence of the transfer of knowledge18.
We seek to be able to compare the genome of a specific startup against the pattern
suitable to the characteristics of emerging economies environments. This will allow us
to identify gaps to be resolved, in the hope to improve the chances of survival of the
startup. If we apply this project to a representative number of startups in a whole
ecosystem at the aggregate level, we will have contributed to improve the chances of
success of the entire ecosystem.
Thanks
We want to thank the invaluable collaboration of Germán Echecopar, Tadashi
Takaoka, Constanza Musso, Catalina Romero, Jaime Arnaiz, Marcelo Diaz, Rodrigo
Musalem, Pablo Gimenez, Inti Nunez, Felipe Jara, Pablo Fernandez, Roberto Musso
Azúa, Mario Ibáñez, Matías Gonzalez, Paula Latorre and many others who gave us
their support and expertise.

18 The transfer of adaptive premes in the entrepreneurial ecosystem is equivalent to the replication of
genes in the biologic space.

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The

Startup Journey Project White Paper

The Startup Journey Project

Cross fertilization from other disciplines

• Entrepreneurship experience in emerging countries that provides a general

Entrepreneurship in emerging economies

However, the entrepreneurial energy is a growing force and successful projects

them or won’t know that much about them.

can retain high returns for itself.

eventually, they still can consider it as good news.

Electronic copy available at: https://ssrn.com/abstract=2862777

The Customer Journey

Electronic copy available at: https://ssrn.com/abstract=2862777

From evolutionism to entrepreneurship

The Startup Journey Project

Electronic copy available at: https://ssrn.com/abstract=2862777

Electronic copy available at: https://ssrn.com/abstract=2862777

Application to individual projects and ecosystems

Characterization of a project: life cycle and type

Means for Business and Society.

Electronic copy available at: https://ssrn.com/abstract=2862777

Ecosystem' ENTRANCE:'' RISING:'

Electronic copy available at: https://ssrn.com/abstract=2862777

Ecosystem' ENTRANCE:'' RISING:' Actual&Level&

Electronic copy available at: https://ssrn.com/abstract=2862777

Practical application of SJP

For Public Policymakers

Electronic copy available at: https://ssrn.com/abstract=2862777

Emerging Markets Premes

4. "Emerging Revenue Management"

Deficiencies in the mechanisms of intellectual property protection and lack of funding

Electronic copy available at: https://ssrn.com/abstract=2862777

7. “Focus on Local Customers”

9. "Radical Lean Scaling"

10. “Financing Mothership Company"

Electronic copy available at: https://ssrn.com/abstract=2862777

genes in the biologic space.

Electronic copy available at: https://ssrn.com/abstract=2862777

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