This report aims to discuss and evaluate the start-up muster report and provide appropriate summary. An appropriate synopsis of the report is provided along with key-insights, and some detailed comments on the methods that are used is provided in this report. The presentation methods that are used in this report is provided in this report. The appropriate statistical metrics from the report of start-up muster is provided in this report.
The start-ups plays a crucial role in the introduction of innovative services and products in the markets, and finally creating opportunities for exporting, creating jobs and then delivering economic prosperity for everyone.
The Data61, the world leaders in the research of data science has been engaged for creating an estimate on the statistics of the startups in the country, Australia on the five years of the data of startup muster. It is essential that the Startup Muster manually reviews each of the participant in the surveys and it only accepts the companies addressing a huge market in any scalable methods that intends to eliminate the significant proportion of the self-identified startups. After conducting the surveys, it is observed that the gender initiating the startups is majorly the male gender as the statistics show. The aspect of good data needs to be both actionable and accurate. The data from 178 distinct data points in the year, 2018 and it is observed that majority of the data is the result of an organisation that wishes to gain knowledge about any specific attribute for providing enhanced support to the startups. In the year, 2015 954 new startups have been implemented and it is observed to be increased to 1085 in 2016 and the most number of startups that have been implemented in the last five years is in the year 2017, with almost 1675 companies and then it decreased to 1465 in the year 2018. The education level of the owners of the startups are majorly Bachelors and then Masters and the lowest knowledge of the people is in the industry accreditation. 77% of the male gender are implementing the startups in the country whereas 22.3% of the female gender are implementing startups. The skills of the founders that are supposed to be the strength of the owners is highest in the general business operations with 55.8% and the lowest surveyed skill that is found in the business owners is in the stakeholder relations that is considered to have affected the companies at a significant level. The experience of the people initiating the startups are discovered to be sufficient for gaining success in the new business ventures. The majority of the skills that are found in the teams of the startups in the sector of the general business operations. The industries that are connected with the startups are mostly artificial intelligence where the opportunities of growth of the new business ventures is found to be highest. With the requirement of artificial intelligence in almost all prospects of the modern world the need of innovative products are not considered to decrease in the coming times. It has been observed that the main reasons for outsourcing in the businesses are the skills and expertise, run the business is cost effective methods, insufficient work for hiring, flexibility, time and the challenge of discovering
The period of online survey collection of the Startup Muster 2018 for the country, Australia was available for completing online. In the time of the data collection of the survey, the people were encouraged to participate in the survey who are thinking of launching the businesses and startups. The respondents who previously participated in the period of collection in 2017 were not required to participate in the surveys again as they were included in the process of upgrading where the responses were verified by them and then it was updated that were the new developments of the businesses. Combined almost 140,259 answers were obtained by the 1617 founders of startups, 1065 supporters and 803 founders of startup in the future. The collected responses from the surveys were processed and filtered including the reviewing of every participant manually for ensuring compliance with the definitions. The complete sample of the statistics for the report consists of almost 777 substantiated founders of startups, the 321 future startups and the supporters of 654 startup. The combined rate of response for every question differs as the responses of survey were not made mandatory, the free written responses of texts were also allowed and the connection of all these questions varied among the participants. The estimation that are provided in the report are observed to be of cross sectional nature that refers to the figures for any provided year and these are based on the sample of representative of response in vast population in that particular year. The promotion of the survey was done using the platforms of social media and the email and also using the personal interaction techniques. The Startup Muster determines any startup as the early stage business, which consists of vast addressable market where technology is utilised for capturing that particular easily. The main focus is on the elements such as the speed, scale, timing and the technology that are commonly connected with the startups. The estimation of the population was created using the partnership with Data61 and the method of catch and release and the data of 5 years of Startup Muster for building in time.
The steps involved in the process of data science are the collection of data, assessment of data, organising of the data, preparing the data, analysis of data and then reporting the data. Some of the steps that are used in the data science are descriptive statistics, probability, estimation, regression, classification, clustering, prediction/modelling, text analytics and image analytics. It is commonly considered that the data can lie as it could mean anything or absolutely nothing depending on the user of the data. Some of the data model are wrong and some are observed to be useful. Some of the reasons why data are rendered useless are bias, sample size, data self-selection, noise, missing data, table or graph truncated, and randomness. There are several consequences of using bad data in the businesses. The major impact on the business who are using bad data is the loss of customers of business. The businesses operating in the competitive environments gain minimal opportunities for obtaining and retaining the customers. As soo as the customers feel betrayed by the businesses they would leave. The damage on the reputation of the business is significant as it would reduce the profits of the business and harm the future goals of the business. The reputation of the company and the loyalty of the customers runs in parallel direction. If the businesses provide damaged goods and services to the customers using due to the use of bad data, it would lead to the loss of the customers from the business. It has been observed in several situations that when any company uses the bad or damaged data, there is a significant decrease in the revenue of the business. Some of the pitfalls for graph are observed to be elastic axis, no axis, varying scale and variable not adjusted. The data can help the user as it helps in the undertaking of decisions with confidence, enhances the efficiency of business, gain insight about the customers, identifies the opportunities, and it offers a significant competitive edge in the market. By utilising some cost effective methods, a lot can be gained such as the free open source platform for analysing data, increased data that are publicly available, collecting the respective data, investing in the business intelligence with surrounding with any team or any data analyst, utilisation of specialised software, and executing the competition using the scientists group or Kaggle.
Conclusion
Therefore it can be concluded that the startups in Australia are increasingly expanding and the number of startups launched annually is increasing. The start-ups plays a crucial role in the introduction of innovative services and products in the markets, and finally creating opportunities for exporting, creating jobs and then delivering economic prosperity for everyone. It is essential that the Startup Muster manually reviews each of the participant in the surveys and it only accepts the companies addressing a huge market in any scalable methods that intends to eliminate the significant proportion of the self-identified startups. The skills of the founders that are supposed to be the strength of the owners is highest in the general business operations with 55.8% and the lowest surveyed skill that is found in the business owners is in the stakeholder relations that is considered to have affected the companies at a significant level. The respondents who previously participated in the period of collection in 2017 were not required to participate in the surveys again as they were included in the process of upgrading where the responses were verified by them and then it was updated that were the new developments of the businesses.
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