الگوی تصمیم‌گیری مشارکت متقابل استارتاپ‌ها و سرمایه‌گذاران خطرپذیر

نوع مقاله : مقاله علمی پژوهشی

نویسندگان

1 دانشیار، گروه مدیریت صنعتی، دانشکده مدیریت، دانشگاه تهران، تهران، ایران.

2 دانشجوی دکتری، گروه مدیریت فناوری، دانشکده مدیریت، دانشگاه تهران، تهران، ایران.

10.22059/imj.2022.341560.1007939

چکیده

هدف: سرمایه‌گذاران خطرپذیر، در تعامل با شرایط عدم اطمینان، توانمندی‌های منحصر به خود را دارند. با وجود افزایش سطح ریسک در عصر توسعه استارتاپ‌های نوآورانه و مبتنی بر فناوری‌های نوظهور، مشکل سرمایه‌گذاری در این حوزه‌های نوظهور و استارتاپ‌ها، مسئله استراتژیکی برای سرمایه‌گذاران خطرپذیر است و به ارزیابی و تحلیل همه‌جانبه در این خصوص نیاز دارد. ﻧﯿﺎز ﺑﻪ ﻣﻌﯿﺎر و اﻟﮕﻮﯾﯽ ﺑﺮای ﺗﺸﺨﯿﺺ ﮔﺰﯾﻨﻪهایی با ﭘﺘﺎﻧﺴﯿﻞ ﻣﻮﻓﻘﯿﺖ بیشتر از ﻣﯿﺎن اﻧﺒﻮه اﺳﺘﺎرﺗﺎپ‌ها، مسئله‌ای ﭼﺎﻟﺶ‌برانگیز اﺳﺖ ﮐﻪ اﯾﻦ پژوهش در ﭘﯽ دستیابی به پاسخ و اراﺋﻪ راه‌کاری ﺑﺮای آن اﺳﺖ. بر این اساس، هدف اصلی پژوهش حاضر، تدوین ﻣﻌﯿﺎرهایی ﺑﺮای ﺗﺸﺨﯿﺺ اﺳﺘﺎرﺗﺎپ‌های با ﭘﺘﺎﻧﺴﯿﻞ زیاد ﺑﺮای ﺳﺮﻣﺎﯾﻪگذاری است.
روش: در این پژوهش، ضمن همکاری و تعامل با 10 خبره در صنعت سرمایه‌گذاری خطرپذیر، به پرسش اصلی پژوهش پاسخ داده شد. ابتدا به استخراج مؤلفه‌های همکاری از طریق مطالعات کتابخانه‌ای اقدام شد؛ سپس مؤلفه‌های استخراج شده، بر اساس تحلیل مارکوفی، میانگین مدت‌زمان تحلیل‌های چندبُعدی در تصمیم‌گیری ارزیابی و تحلیل شدند. سپس بر اساس یافته‌های تحلیل مارکوفی، ارزیابی و غربالگری دو بُعدی عامل‌های شناسایی‌شده بر اساس روش دلفی فازی انجام شد.
یافته‌ها: بر اساس یافته‌های پژوهش، از میان 62 شاخص مشارکت متقابل میان سرمایه‌گذاران و استارتاپ‌ها، 41 شاخص کلیدی و 21 شاخص غیرکاربردی شناخته شد؛ سپس بر اساس روش FBWM  ارزیابی و ارزش‌گذاری شاخص‌ها انجام گرفت.
نتیجه‌گیری: مدل حاصل روی شش استارتاپ موفق در زمینه جذب سرمایه با استفاده از مولتی مورای فازی بررسی شد و در نهایت، این مدل، رتبه‌بندی هر شش استارتاپ را برای اولویت سرمایه‌گذاری ارائه داد.

کلیدواژه‌ها


عنوان مقاله [English]

Mutual Participation Decision-making Model of Startups and Venture Capitalists

نویسندگان [English]

  • Mehdi Mohammadi 1
  • Mahdi Khobreh 2
1 Associate Prof., Department of Industrial Management, Faculty of Management, University of Tehran, Tehran, Iran.
2 PhD Candidate, Department of Technology Management, Faculty of Management, University of Tehran, Tehran, Iran.
چکیده [English]

Objective: Venture capitalists have unique capabilities in dealing with uncertain conditions. Despite the increasing level of risk in the development of innovative startups based on emerging technologies, investing in these emerging areas and startups is a strategic measure for venture capitalists. This highlights the need for comprehensive carrying out evaluation and analysis in this regard. The need for a benchmark and a model to identify high-potential success options among the masses of startups is a challenging issue for which this research seeks to provide a solution. The main purpose of this research is to develop a benchmark for identifying high-potential success options.
Methods: The main research question of the present study was answered by cooperating and interacting with ten experts in the venture capital industry. First, the components of collaboration were extracted through library studies. Next, the extracted components were evaluated and analyzed based on Markov analysis, the average duration of multidimensional analysis in decision-making. Then, based on the findings of Markov analysis, two-dimensional evaluation and screening of identified agents were performed based on the fuzzy Delphi method.
Results: This study showed that out of 62 indicators of mutual participation between investors and startups, 41 indicators were key, and 21 indicators were not applicable. In the next step, the indicators were evaluated based on the FBWM method.
Conclusion: The achieved model was tested on six successful startups in capital attraction using fuzzy multi Moora. The model could rank the investment priority in these six startups.

کلیدواژه‌ها [English]

  • Fuzzy BWM
  • Investment evaluation
  • Markov chain
  • Venture capital
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    حاجی آخوندی، عرفان؛ بوشهری، علیرضا و هاشم‏زاده خوراسگانی، غلامرضا (1399). شناسایی عوامل کلان مؤثر بر موفقیت نوآوری باز در اکوسیستم کسب‌وکارهای دانش‌بنیان دیجیتال، مدیریت صنعتی، 12(2)، 344- 372.

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     هاشمی نژاد، سیدعلی و باقرپور، مرتضی (1398). تعیین سبد بهینه سرمایه‏گذاران خطرپذیر بر اساس روش ترکیبی مدل‌سازی عامل محور و جست وجوی ‏هارمونی اصلاح شده. تحقیقات مالی، 21(4)، 493-516.

     

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