نوع مقاله : مقاله علمی پژوهشی
نویسندگان
1 دانشیار، گروه مدیریت صنعتی، دانشکده مدیریت، دانشگاه تهران، تهران، ایران.
2 دانشجوی دکتری، گروه مدیریت فناوری، پردیس البرز، دانشگاه تهران، تهران، ایران.
چکیده
کلیدواژه‌ها
عنوان مقاله [English]
نویسندگان [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]
ﭘﺎرﺳﺎﭘﻮر، ﺳﺎرا؛ ﺑﺮاﺗﯽ، ﺟﻮاد و رﺳﻮلزاده، ﻣﺮﯾﻢ (1396) ﻋﻮاﻣﻞ مؤثر ﺑﺮﭘﺎﯾﺪاری ﺑﻨﮕﺎهﻫﺎی ﮐﻮﭼﮏ و ﮐﺎرآﻓﺮﯾﻦ (ﻣﻮرد ﻣﻄﺎﻟﻌﻪ: ﺑﻨﮕﺎهﻫﺎی ﺻﻨﻌﺘﯽ ﺷﻬﺮﺳﺘﺎن ﻣﺸﻬﺪ). ﺗﻮﺳﻌﻪ ﮐﺎرآﻓﺮﯾﻨﯽ، 10(1)، 41-60.
جلیلی، سیده مرضیه (1395). ارائه مدل موفقیت کسب‌وکارهای استارتاپ در ایران با استفاده از رویکرد پویایی شناسی سیستم. پایاننامه کارشناسی ارشد، تهران، دانشگاه الزهرا.
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.
حیدری سورشجانی، مهرناز و محمدی، پرستو (1395). شناسایی مؤلفه‌های مراحل مختلف رشد شرکت‌های نوآور در تعامل با سرمایه‌گذاران خطرپذیر. مجله توسعه کارآفرینی، 9(1)، 59-78.
دانایی‌فرد، حسن؛ الوانی، سیدمهدی و آذر، عادل (1383). روش‌شناسی پژوهش کمی در مدیریت: رویکردی جامع. تهران، انتشارات صفار، اشراقی.
دهقانی عشرتآباد، میثم و البدوی، امیر (1397). ارزش‌گذاری کسب‌وکارهای نوپا توسط سرمایه‌گذاران خطرپذیر با استفاده از رویکرد اختیارات حقیقی در دور اول تأمین مالی. پژوهش‌های مدیریت در ایران، 22(3)، 1-27.
سازگاری اردکانی، سعید و هاشمی نکو، علیرضا (1394). طراحی شبکه سرمایه‌گذاران خطرپذیر با رویکرد اسلامی. همایش ملی کارآفرینی و توسعه پایدار، بابلسر.
محمدی، رضا (۱۳۹۶). بررسی تأثیر فناوری اطلاعات بر فرایندهای مدیریت دانش. دومین کنفرانس بین‌المللی مدیریت و حسابداری، تهران، مؤسسه آموزش عالی صالحان.
مرادزاده انگیزی، فریبا؛ زرندی، سعید (1397). تفاوت سرمایه‌گذاری خطرپذیر شرکتی و سرمایه‌گذاری خطرپذیر. پژوهش‌های جدید در مدیریت و حسابداری، (19)، 169- 178.
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.
References
Afful-Dadzie, E. & Afful-Dadzie, A. (2016). A decision-making model for selecting start-up businesses in a government venture capital scheme. Management Decision, 54(3), 714-734.
Archibald, T. W., & Possani, E. (2021). Investment and operational decisions for start-up companies: a game theory and Markov decision process approach. Annals of Operations Research, 299(1), 317-330.
Bengtsson, O., & Hsu, D. H. (2010). How do venture capital partners match with startup founders? Available at SSRN 1568131.
Berkovitch, E., & Serban Levy, O. (2005). The choice between sources of financing and rate of return inequality. Available at SSRN 676529
Block, J., Fisch, C., Vismara, S., & Andres, R. (2019). Private equity investment criteria: An experimental conjoint analysis of venture capital, business angels, and family offices. Journal of corporate finance, 58, 329-352.
Brem, A. (2008). The boundaries of innovation and entrepreneurship: Conceptual background and essays on selected theoretical and empirical aspects. Springer Science & Business Media.
Cavalcante, S., Kesting, P., & Ulhøi, J. (2011)." Business model dynamics and innovation: (re)establishing the missing linkages", Management Decision, Vol. 49 No. 8, pp. 27-42.
Cheng, J.H., Lee, C.M., & Tang, C.H. (2009). An application of fuzzy Delphi and fuzzy AHP on evaluating wafer supplier in semiconductor industry. WSEAS Transactions on Information Science and Applications, 6(5), 756 - 767.
Chorev, S. and Anderson, A.R. (2006) Success in Israeli high-tech start-ups; critical factors and process, Technovation, 26(2), 162-174.
Cremades, A. (2016). The art of startup fundraising: pitching investors, negotiating the deal, and everything else entrepreneurs need to know. John Wiley & Sons.
Croce, A., Martí, J., & Murtinu, S. (2013). The impact of venture capital on the productivity growth of European entrepreneurial firms: ‘Screening’or ‘value added’effect? Journal of Business Venturing, 28(4), 489-510.
Csaszar, F., Nussbaum, M., & Sepulveda, M. (2006). Strategic and cognitive criteria for the selection of startups. Technovation, 26(2), 151-161.
da Silva, A. M., & Cavalcanti, A. M. (2020). Prediction of organizational management and the innovative profile of small businesses: Markov Chain light analysis/Predicao da gestao organizacional e do perfil inovador das empresas de pequeno porte: analise a luz de Cadeias de Markov. Revista Exacta, 18(2), 244-259.
Danaeifard, H., Alwani, S.M. & Azar, A. (2004). Quantitative Research Methodology in Management: A Comprehensive Approach. Saffar, Ashraqi. (in Persian)
Davila, A., Foster, G., & Gupta, M. (2003). Venture capital financing and the growth of startup firms. Journal of business venturing, 18(6), 689-708.
Dehghani Eshratabad, M. & Al-Badawi, A. (2018). Valuation of start-up businesses by venture capitalists using the real authority approach in the first round of financing. Management Research in Iran, 22 (3), 1-27. (in Persian)
Devigne, D., Manigart, S., & Wright, M. (2016). Escalation of commitment in venture capital decision making: Differentiating between domestic and international investors. Journal of Business Venturing, 31(3), 253-271.
Falik, Y., Lahti, T., & Keinonen, H. (2016). Does startup experience matter? Venture capital selection criteria among Israeli entrepreneurs. Venture Capital, 18(2), 149-174.
Feld, B., & Mendelson, J. (2012). Startup e venture capital. Guida ai segreti di un rapporto ad alto potenziale: Guida ai segreti di un rapporto ad alto potenziale. FrancoAngeli.
Feld, B., & Mendelson, J. (2014). Startup e venture capital. Guida ai segreti di unrapporto ad alto potenziale: Guida ai segreti di un rapporto ad alto potenziale. FrancoAngeli
Ferrary, M., & Granovetter, M. (2009). The role of venture capital firms in Silicon Valley's complex innovation network. Economy and society, 38(2), 326-359.
Florio, M., Bastianin, A., & Castelnovo, P. (2018). The socio-economic impact of a breakthrough in the particle accelerators’ technology: a research agenda. Nuclear Instruments and Methods in Physics Research Section A: Accelerators, Spectrometers, Detectors and Associated Equipment, 909, 21-26.
Fried, V. H., & Hisrich, R. D. (1994). Toward a model of venture capital investment decision making. Financial management, 28-37.
Genome, S. (2017). Global startup ecosystem report 2017. Startup Genome: San Francisco, CA, USA.
Gompers, P., & Lerner, J. (2001). The venture capital revolution. Journal of economic perspectives, 15(2), 145-168.
Gompers, P.A., Gornall, W., Kaplan, S.N. & Strebulaev, I.A. (2020). How do venture capitalists make decisions? Journal of Financial Economics, 135(1), 169-190.
Groenewegen, G., & de Langen, F. (2012). Critical success factors of the survival of start-ups with a radical innovation. Journal of Applied Economics and Business Research, 2(3), 155-171.
Hajiakhoondi, E., Hashemzadeh Khorasgani, G., & Boushehri, A. (2020). Identify the Major Factors Affecting the Success of Open Innovation in the Digital Knowledge-based Business Ecosystem. Industrial Management Journal, 12(1), 344-372. (in Persian)
Hall, J., & Hofer, C. W. (1993). Venture capitalists' decision criteria in new venture evaluation. Journal of business venturing, 8(1), 25-42.
Hasheminejad, S. A., & Bagherpour, M. (2019). Venture Capital Portfolio Optimization through Hybrid Approach of Agent-Based Modeling and Modified Harmony Search. Financial Research Journal, 21(4), 493-516. (in Persian)
Heydari, M., & Mohammadi, P. (2016). Main Characteristic of Entrepreneurial Venture-backed Firms in Different Stages of Growth. Journal of entrepreneurship development, 9(1), 59-78. (in Persian)
Hsu, Y.-L., Lee, C.-H., & Kreng, V. B. (2010). The application of Fuzzy Delphi Method and Fuzzy AHP in lubricant regenerative technology selection. Expert Systems with Applications, 37(1), 419-425.
Jalili, S.M. (2016). Presenting a Success Model for Start-up Businesses in Iran Using System Dynamics Approach. Master Thesis. Al-Zahra University. Tehran. (in Persian)
Johansson, E., Alhanko, P., Hidén, P., Jónsdóttir, E. S., Juusela, J., Lernø, F. J., & Mattsson, C. P. (2011). Obstacles to Nordic Venture Capital Funds–Promoting a Common Nordic Venture Capital Market. Oslo: Nordic Innovation Publishing.
Kaplan, S. N., & Lerner, J. (2010). It ain't broke: The past, present, and future of venture capital. Journal of Applied Corporate Finance, 22(2), 36-47.
Khan, A. M. (1987). Assessing venture capital investments with noncompensatory behavioral decision models. Journal of Business Venturing, 2(3), 193-205.
Kirsch, D., Goldfarb, B., & Gera, A. (2009). Form or substance: the role of business plans in venture capital decision making. Strategic Management Journal, 30(5), 487-515.
Klonowski, D. (2010). The venture capital investment process. Springer
Kollmann, T., & Kuckertz, A. (2010). Evaluation uncertainty of venture capitalists' investment criteria. Journal of Business Research, 63(7), 741-747.
MacMillan, I. C., Siegel, R., & Narasimha, P. S. (1985). Criteria used by venture capitalists to evaluate new venture proposals. Journal of Business venturing, 1(1), 119-128.
Martel, F. M. (2006). Innovation in small and medium Enterprises (SMEs) in the Malaysian Information Technology (IT) industry. George Mason University.
Menkveld, D. (2012). Determinants among the Internet Startup Life Cycle, Master of Business Informatics Student. Faculty of Science Department of Information and Computing Sciences Utrecht University, Utrecht, The Netherlands.
Mohammadi, R. (2017). Investigating the impact of information technology on knowledge management processes. Second International Conference on Management and Accounting. 11(3), 133-147. (in Persian)
Moradzadeh Angizi, F., Zarandi, S. (2018). The Difference between Corporate Venture Capital Investment and Venture Capital Investment. New Research in Management and Accounting Journal 10(1). 169-178. (in Persian)
OECD. (2016). Financing SMEs and Entrepreneurs 2016.
Okrah, J., Nepp, A., & Agbozo, E. (2018). Exploring the factors of startup success and growth. The Business & Management Review, 9(3), 229-237.
Parsapour, S., Barati, J., & Rasoulzadeh, M. (2017). Investigating the Factors Affecting the Sustainability of Small Firms and Entrepreneurs: Case Study of Industrial Firms of Mashhad. Entrepreneurship Development. 10(1), 41-60. (in Persian)
Poindexter, J. B. (1976). The efficiency of financial markets: The venture capital case. New York University, Graduate School of Business Administration.
Pukala, R., Sira, E., & Vavrek, R. (2018). Risk management and financing among start-ups.
Rah, J., Jung, K., & Lee, J. (1994). Validation of the venture evaluation model in Korea. Journal of Business Venturing, 9(6), 509-524.
Robinson Jr, R. B. (1987). Emerging strategies in the venture capital industry. Journal of Business venturing, 2(1), 53-77.
Rose, D. (2012). How many start-ups in the US get seed/VC funding per year? Available in: https://gust.com/blog/how-many-start-ups-in-the-us-get-seedvc-funding-per-year/
Roure, J. B., Keeley, R. H., & Van der Heyden, T. (1990). European venture capital: strategies and challenges in the 90s. European Management Journal, 8(2), 243-252.
Sapienza, H. J., Manigart, S., & Vermeir, W. (1996). Venture capitalist governance and value added in four countries. Journal of Business Venturing, 11(6), 439-469.
Sazegari Ardakani, S. & Hashemi Neko, A. (2015). Designing a network of risky investors with an Islamic approach, National Conference on Entrepreneurship and Sustainable Development, Babolsar 7(11), 257-272. (in Persian)
Sharma, A. K. (2015). Venture capitalists’ investment decision criteria for new ventures: a review. Procedia-Social and Behavioral Sciences, 189, 465-470.
Smith, G. (2001). How early stage entrepreneurs evaluate venture capitalists. The Journal of Private Equity, 4(2), 33-45.
Sørensen, M. (2007). How smart is smart money? A two‐sided matching model of venture capital. The Journal of Finance, 62(6), 2725-2762.
Timmons, J. A., Muzyka, D. F., Stevenson, H. H., & Bygrave, W. D. (1987). Opportunity recognition: The core of entrepreneurship. Frontiers of entrepreneurship research, 7(2), 109-123.
Tyebjee, T. T., & Bruno, A. V. (1984). A model of venture capitalist investment activity. Management science, 30(9), 1051-1066.
Vaidyanathan, R., Vaidyanathan, V., & Wadhwa, V. (2019). Exploring Entrepreneurs' Perceptions of Venture Capitalists' Added Value. Journal of Macromarketing, 39(4), 447-462.
Wang, L., Zhou, F. & An, Y. (2017). Determinants of control structure choice between entrepreneurs and investors in venture capital-backed startups. Economic Modelling, 63, 215-225.
Wells, W. A. (1974). Venture Capital Decision-Making. Carnegie Mellon University.
Winay, K., Mahinder, E., Anderson, L., & Rinne, A. (2016). Making sense of the UK collaborative economy (Vol. 49). London: Nesta.
Wu, C.-H., & Fang, W.-C. (2011). Combining the Fuzzy Analytic Hierarchy Process and the fuzzy Delphi method for developing critical competences of electronic commerce professional managers. Quality & Quantity, 45(4), 751-768.
Yoshida, V., Stéphany, E., & Wirtz, P. (2020). Crowdfunding, business angels, and venture capital: an exploratory study of the concept of the funding trajectory. Venture Capital, 22(2), 135-160.
Yumei, W., Rongqin, C., Xinkun, G., & Yujie, S. (2020, August). Research on the Identification of factors in traditional enterprise transformation and upgrading and technological innovation Base on Hidde Markov Model. In 2020 Chinese Control and Decision Conference (CCDC) (pp. 4173-4178). IEEE.
Zavadskas, E. K., & Turskis, Z. (2010). A new additive ratio assessment (ARAS) method in multicriteria decision‐making. Technological and Economic Development of Economy, 16(2), 159-172.
Zheng, Y. (2011). In their eyes: How entrepreneurs evaluate venture capital firms. The Journal of Private Equity, 14(2), 72-85.
Zider, B. (1998). How venture capital works. Harvard business review, 76(6), 131-139.
Zinecker, M., & Bolf, D. (2015). Venture capitalists’ investment selection criteria in CEE countries and Russia. Business: Theory and Practice, 16(1), 94-103.
)