# Overview of Startups Developing Artificial Intelligence for the Energy Sector
## 5 Startups
For entrepreneur, they provide a glimpse into the relative risks of starting a business in different countries, helping inform location decisions for new ventures [101]. This visualization effectively highlights the varied landscape of startup ecosystems across different countries, suggesting that factors such as economic environment, support systems, and market conditions play crucial roles in determining startup success. The chart provides valuable insights for entrepreneurs and investors considering global opportunities in the startup world. Most firms transition out of the startup phase after approximately three years, marked by indicators such as acquisition, revenue exceeding USD 20 million, multi-office presence, substantial employment, expanded board membership, and founder share sales upon achieving profitability. Statistical evidence highlights various critical elements that influence startup success. Entrepreneurs with prior experience demonstrate a higher success rate of 30%, compared to 18% for newcomers. Over half of startup failures can be attributed to inadequate research, poor product-market alignment, and ineffective marketing strategies. Other essential components include assembling a skilled team, implementing sound financial practices, and possessing relevant expertise. The geographical location of a startup also plays a significant role, with nations such as Switzerland and the UK exhibiting higher success rates. To thrive in the competitive business environment, startups must combine these factors while effectively addressing technical, legal, and operational hurdles. Ultimately, the interplay of these elements significantly enhances a startup's prospects for success [101]. Innovation theory studies how startups gain competitive advantages through innovative practices, including sustainable development, disruptive innovation, and incremental innovation. Innovation, as famously attributed to [PERSON], involves addressing societal needs through inventive solutions, emphasizing dedication and tenacity among entrepreneurs. Innovation extends beyond technology to encompass product, process, service, and BM enhancements [102]. Figure 5: Startups failure and success rates by country (data taken from [101] and bar chart developed by the authors). These numbers provide a comprehensive picture of the worldwide startup scene in 2024, offering light on not just where companies develop but also their viability in a variety of economic and cultural environments. This information is crucial for entrepreneur looking to enter international markets, investors assessing opportunities, and politicians creating favorable settings for startup growth and innovation. Understanding these global trends enables stakeholders to discover potential areas for growth and improvement within startup ecosystems, resulting in a more robust and sustainable entrepreneurial landscape globally. [PERSON] (2002) emphasizes that successful innovation responds to societal demands and integrates social, economic, and environmental sustainability pillars, contributing to societal progress and sustainable development ([PERSON], 2018). Startups are using creativity to tackle complicated issues in the energy industry. For instance, startups utilizing AI are creating predictive analytics tools to enhance energy efficiency and predict renewable energy generation levels. These innovations not only support the expansion of businesses but also aid in promoting sustainable development through reducing carbon emissions and encouraging clean energy usage ([PERSON], 2018).