One of the main advantages of running a startup is that there’s greater freedom to be agile and flexible. Unlike larger companies that often have to deal with bureaucratic systems, startups can work at a faster pace to beat competitors to market.
For startups working in heavily regulated industries like healthcare, finance or energy, it’s challenging to move quickly. You need a deep understanding of current regulations to make sure you’re compliant, and be able to keep a close eye on draft bills from lawmakers to prepare for future changes.
It can be tough to fully embrace creativity and innovative thinking when you need to adhere to so many rules and processes. However, it’s not impossible – there are lots of ways you can combine innovation with compliance to build a successful, high-growth business.