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Start-ups are entrepreneurial ventures, having a high risk of failure (Bortolini et al., 2018; Spender et al., 2017). The risk of failures of Start-ups can be minimized if they are characterized well, and the appropriate macro- and micro-level policy interventions can be introduced. Our literature review (LR) on Start-ups reveals that they are addressed by different names, namely, Hi-Tech firms, University spin-offs, Innovative Start-ups (ISs), Lean Start-ups, Silicon Valley Start-ups and New Technology-Based Firms (NTBF). (Tripathi, Seppanen et al., 2018; Silva et al., 2020; Wiesenberg et al., 2020). It is also observed that Start-ups are referred to as small business and Micro, Small and Medium Enterprises (MSMEs). A systematic literature review (SLR) of Start-ups is presented here and used as the basis for characterizing them. We propose (proposition-1) that these Start-up firms, addressed by different names, as referred above, can be grouped, characterized and identified as ISs. Based on a robust characterization of ISs, this article proposes that ISs are a subset of MSMEs. From a comparative study of ISs and MSME, we propose (proposition-2) a framework that shows MSMEs can be conceptually split into ISs and Conventional MSMEs (C-MSMEs), with an intersection between ISs and C-MSME. This study has also identified four new research areas related to Start-ups and MSMEs. The above characterization and differentiation of ISs from other entrepreneurial ventures will help policymakers, entrepreneurs, and investors to understand ISs and C-MSMEs better and develop suitable policy interventions and risk mitigation strategies.

This case focuses on how a lifestyle enterprise has used strategies to survive amidst the COVID-19 crisis. It explores how a lifestyle enterprise, ‘The Square Inch’, a quilting studio, (a) conducts teaching workshops, (b) stitches and sells quilts and (c) sells raw materials and accessories, including sewing machines required for quilting. The case provides a detailed account of the risks, uncertainties and crises faced by a lifestyle enterprise and its entrepreneur during its founding and growth. This case also highlights how resilience, entrepreneurial orientation and innovation can be used as survival strategies to overcome challenges. The case engages students to understand the survival strategies employed by a lifestyle entrepreneur in times of crisis.