Investigating critical success factors and risks of construction technology startups: a systematic literature review

Abstract

The construction industry has been strongly embracing innovation and technology in the past few years. Along with emerging technologies, many entrepreneurs have started to play a vital role in this process by providing solutions for specific problems in the construction sector through startups. However, the development of a construction technology (Contech) startup and the factors affecting its success are still unclear. Therefore, this study aims to investigate critical success factors and risks of Contech startups by utilizing the systematic approach of the Preferred Reporting Items for Systematic Review and Meta-Analyses (PRISMA) protocol. Forty-five (45) articles were included and analysed, and a total of 18 critical success factors were identified under (i) organizational capability, (ii) market strategy, and (iii) ecosystem engagement categories. Additionally, five (5) factors were presented under the risk factors category. The results showed that business model innovation, entrepreneurial support organization, founding team’s prior professional experience, and collaboration and inter-organizational learning, while uncertainty and marketing are the most highlighted risk factors in the selected articles. The study’s findings make a valuable addition to the existing body of knowledge, as they address the gap in understanding the factors and risks that contribute to the success of Contech startups.