Critical success factors for technology-based startups

Abstract

Technology-based startups (TBSs) significantly contribute to the generation of jobs and economic development; therefore, the success of these companies should be guaranteed. However, despite their importance, TBSs have a high failure rate worldwide. The objective of this study is to identify CSFs for TBSs based on the analysis of the information systems theory, as well as theories on human, social, and organisational behaviour. This descriptive empirical study performed a simple correspondence analysis of the perceptions of 125 CEOs of TBSs located in Peru using student's t-test. The following effects were identified: technological surveillance → knowledge absorptive capacity, knowledge absorptive capacity → perceived performance of a product and/or service, knowledge absorptive capacity → dynamic capability, knowledge absorptive capacity → innovative and entrepreneurial culture, the perceived performance of a product and/or service → customer satisfaction, and the quality of a product and/or service → customer satisfaction. The results of the simple correspondence analysis showed that all identified relationships were valid using student's t-test at a 95% confidence level, with a high or very high effect, except for the impact of knowledge absorptive capacity on the innovative and entrepreneurial culture. This study identified ten CSFs for TBSs.