Growth Of Start-ups Research Articles

Innovation and sustainability in technology parks: the transformation of Itec Park UFN through the PDCA cycle

This study examines the transformative role of the PDCA (Plan-Do-Check-Act) cycle as a strategic framework for managing science and technology parks, using Itec Park UFN as a case study. By implementing PDCA-based tools, this research seeks to streamline the operational processes of technology parks through structured planning, execution, monitoring, and continuous improvement. The approach aligns closely with the Sustainable Development Goals, notably SDG 9: Industry, Innovation, and Infrastructure. Employing an action research methodology that integrates literature review, tool development, and pilot implementation, the study emphasizes strategic management, innovation promotion, and knowledge transfer as core aspects. Findings reveal that the PDCA cycle enhances the park’s capacity to adapt to market shifts, supporting resilience and fostering a culture of sustainable innovation. The structured use of PDCA not only improves operational efficiency but also promotes stronger partnerships between academia, industry, and government. This systematic management approach establishes a replicable model that can be adapted by other science and technology parks, providing practical insights into the creation of innovation ecosystems that catalyze regional economic development and empower startup growth. Ultimately, the research contributes to the field by demonstrating how structured, goal-oriented methodologies can drive sustainable technological and economic advancement.

AI-Driven Scaling of Sustainable Startups: Business Models and Environmental Impact

With fast growth in sustainable startups at variance with profitability, the likelihood of high profitability contrasted with minimal environmental impact becomes a great challenge and opportunity. In this article, the role of AI in scaling through innovative business models to meet sustainability goals is investigated. The latest development in optimized operating efficiency, lesser resource consumption, and improved scalability has seen AI use go unexplored in business models designed particularly for environmental sustainability goals. This paper addresses how AI-enabled business model innovation can facilitate scaling up of sustainable start-ups in renewable energy, waste management, and circular economy practices. In addition, resource reallocation under such a scenario comes with a double dividend: it brings better economic growth alongside lower ecological damage, while reduction in AI's adverse environmental impact arises as a by-product. Case studies are expected to summarize the complexity in practice and limitations of AI for sustainable business growth. This study, therefore, provides an answer that contributes to understanding how startups may leverage AI to drive not only economic value but also create environmental value, thus providing the much-needed roadmap for future research in a rapidly changing field.

Exploring the Role of Business Incubators to Sustainable Startups: A Systematic Literature Review

Business incubators play a crucial role in fostering the sustainability and growth of early-stage startups. They provide access, financial support, training, infrastructure, connections with investors, and more. However, many business incubators do not effectively maximize startup potential. This study aims to systematically review and analyze the key characteristics contributing to the role of business incubators in promoting sustainable startups. The study will follow the PRISMA statement (Preferred Reporting Items for Systematic Reviews and Meta-Analyses) and employ document analysis integrating multiple research designs, based on established standards. It will compile and analyze 68 articles from global sources, utilizing open-access articles and accessing primary databases such as Web of Science (WoS) and Scopus for article retrieval. Through content analysis, this study identified fifteen main categories that significantly impact startup businesses: (1) financial support, (2) business support and services, (3) networking support, (4) mentoring activities, (5) infrastructure, (6) human capital, (7) access to knowledge and information, (8) social values and environment, (9) marketing capabilities and support, (10) technology support, (11) entrepreneurship education (courses and curriculum), (12) programs, projects, and events, (13) research and development support, (14) government policy support, and (15) legitimacy involvement. The findings highlight five main aspects—financial, business, networking, mentoring, and infrastructure—as crucial for effective startup support and implementation. From an economic sociology perspective, these articles discuss the dynamic roles of business incubators, emphasizing urgent factors and essential designs for success in the face of future challenges.

How to guide venture capital to startups? Evidence from China's Science and Technology Innovation Board

Venture capital (VC) plays a vital role in supporting startups. However, in many developing economies, venture capitalists' tendency to prioritize later-stage over early-stage investments constrains their capacity to fund startups. China's recent Science and Technology Innovation Board (STAR) market establishment, with its focus on innovation ability over profitability, enables high-tech startups to list at early stages. This improves exit prospects for VCs investing to the early-stage startups. Employing a regression discontinuity design, our empirical analysis demonstrates that the STAR market establishment attracts additional capital to the VC market and guides VCs toward earlier-stage startups. Mechanism analysis indicates these effects stem from improved VC exit returns rather than heightened exit activities. Our findings underscore the efficacy of specialized stock markets for startups in channeling venture capital towards small and early-stage enterprises. These findings provide valuable insights for developing countries seeking to leverage VC for startup growth.

Enabling university and regional conditions to create a thriving entrepreneurship ecosystem

ABSTRACT Can higher education institutions (HEIs) create conditions for a thriving entrepreneur ecosystem? This study analyzed HEIs’ innovation output and measured university leader (UL) perceptions and attitudes toward innovation and entrepreneurship ecosystems (EE) by examining medium-sized HEIs with $200 to $300 M in research expenditures located in cities with a population of 250,000 to 500,000 to determine potential gaps in developing entrepreneurs and spurring start-up opportunity. A mixed-method design investigated HEIs’ innovation by building on existing frameworks to identify common attributes of an EE. Given the complexity, challenges, and underdeveloped literature associated with EEs, this article tested a proposed framework for ULs, scholars, practitioners, and policy makers to inform decisions for increased innovation output and start-up creation. The results provide practical recommendations on how leaders can create conditions to spur continued innovation and entrepreneur opportunity for organic start-up growth and economic development.

Utilizing Yin-Yang approach to reinforce fuzzy front-end activities and manufacturing startups' growth performance.

Fuzzy front-end is the research frontier of manufacturing industry. This study investigates the relationship between market-oriented FFE activities and manufacturing startup growth performance by adopting an open innovative ancient Chinese Taoism Yin-Yang approach under this post-pandemic circumstance. This study also examines the moderating behavioral effect of Chinese Zen-originated CEO mindfulness between market-oriented FFE activities and manufacturing startup growth performance. Data for this study were gathered from 343 Chinese manufacturing startups' CEOs across different manufacturing industries, including both high-tech and conventional manufacturing industries. The collected data were analyzed by using structural equation modeling and Bootstrap method. The quantitative analysis results show that most market-oriented FFE activities have positive effects on manufacturing startup growth performance and the Chinese Zen-originated CEO mindfulness positively moderates the relationship between most FFE activities and startup growth performance.

Kimberly Bryant’s Black Girls Code: closing the opportunity gap in technology for black women and girls

Research methodology This case study was developed using publicly available published sources like the company’s website, articles, blogs, videos, filings, etc. Multiple sources were used to put together the chronology, quotes and details. This case is not disguised. All the key figures in the case study are identified by their real names. Case overview/synopsis Black Girls Code (BGC) was founded by Kimberly Bryant (Bryant, she) as a nonprofit organization in 2011. BGC conducted workshops and programs to teach young girls of color technology, science, engineering and math and train them in Web design, developing apps and robotics. It aimed to address the lack of diversity in science and technology. The organization has received support from tech giants like Google, Facebook and IBM. In one decade, the organization trained more than 30,000 girls and aimed to teach one million girls by 2040. In 2021, the BGC board ousted Bryant, citing allegations of workplace impropriety. She was put on paid administrative leave by the board. This ousting was done in the aftermath of complaints by several employees who raised concerns about Bryant’s conduct. The former and current employees said that high turnover in the organization was due to Bryant’s leadership, which was rooted in fear, and that she would publicly insult managers. The board formed a special committee to evaluate the concerns and sent Bryant on administrative leave. Cristina Jones, who succeeded Bryant as CEO, brought about several changes in the organization and expanded the scope of science, technology, engineering and math to include arts. She expanded the courses to include design, gaming and others. She was looking forward to launching one million black girls in tech by 2040. But before she could go on, she needed to ensure that the ouster of the founder did not hinder the activities at BGC in any manner and also needed to address the concerns of employees, students and funders. Complexity academic level This case can be used to learn about nonprofits, the role of nonprofits in building an equitable society and nonprofit entrepreneurs. The objective is to understand how passionate entrepreneurs can create organizations that can make a high impact with limited resources but with ambition and vision for radical change. This case also helps in learning the challenges encountered due to the rapid growth of startups and the role of the leader in handling such growth. This case can be integrated into any of the existing courses or taken as a special case study to illustrate the gender and racial disparities that exist even in highly developed countries like the USA.

Determining Factors for Startup Success in Indonesia: Perspective of Young Entrepreneurs

The entrepreneurial ecosystem in Indonesia is expanding rapidly, driven by the active involvement of young entrepreneurs. However, the factors influencing the success of these startups remain understudied. This research aims to explore the key determinants of startup success from the perspective of young entrepreneurs in Indonesia. A mixed-methods approach was adopted, incorporating both quantitative surveys and qualitative interviews with startup founders. The quantitative data was analyzed using SmartPLS, while thematic analysis was applied to the qualitative insights. The findings reveal that market adaptability, financial management, mentorship, and innovation are the primary factors contributing to the success of startups. These elements are crucial in shaping the sustainability and growth of startups in the Indonesian context. Understanding these factors can provide valuable insights for aspiring entrepreneurs, investors, and policymakers, helping to create a supportive environment for startup development and success.

Technology entrepreneurship in innovation ecosystems: features of functioning and forms of support

Developing a business based on innovative ideas, technology entrepreneurship plays a leading role in achieving the goals of sustainable development of the national economy. At the initial stage of development, technological startups need resource support to transform into an innovative company. Such support can be provided by innovation ecosystems and technology entrepreneurship ecosystems. Government support for the activities of small innovative enterprises is an important factor in the development of technology entrepreneurship. The purpose of the study is to develop an organizational and functional model of technology entrepreneurship. The level of development of technology entrepreneurship at the federal level and at the level of the constituent entities of the Russian Federation was assessed using indicators of the share of small enterprises in the total number of organizations, the share of innovative products of small enterprises in the total volume of manufactured products, expenditures on innovative activities, and internal costs of research and development. The author used data from the Federal State Statistics Service. An organizational and functional model of technology entrepreneurship is proposed, the main elements of which are the business community, investors, scientific and educational organizations, innovative enterprises, innovative and technological infrastructure, support institutions. It is shown how a startup, scaling a business model, can turn into an innovation business, what forms of support can ensure this, how intercompany interaction is organized within the innovation process. It is recommended to develop forms of cooperation between the business community and universities, stimulate innovative enterprises in the regions, support technological startups, and improve forms of government support for technology entrepreneurship. For the growth and development of startups in the innovation ecosystem, mechanisms for productive interaction of all its elements and effective forms of support for technology entrepreneurship are needed.

Digital health startups: growth financing and valuation drivers that signal strength for investors

PurposeThe study investigates the impact of various factors on the number of active investors in digital health startups. Through nine hypotheses, we examine the influence of metrics such as patents, online presence, financial aspects and company valuation on investor interest. The results reveal positive associations between these metrics and investor numbers, highlighting their role in signaling strength and attracting investment. This research enhances the understanding of investor valuation in digital health startups, emphasizing the importance of credible signals for building trust and securing funding. However, we acknowledge limitations in data analysis methods and suggest future research to explore industry signals, longitudinal trends and failed startups for comprehensive insights.Design/methodology/approachThis study delves into the design methodology and approach, aiming to fill gaps in understanding investor roles in valuing digital health ventures. We focus on deciphering factors driving valuations for these startups to secure growth financing. Using signaling theory, we investigate how entrepreneurs communicate their latent strengths to bridge information gaps, aiding investment decisions. We analyze a sample of 482 healthcare startups from the Pitchbook database using Poisson regression in SPSS.FindingsThis research sheds light on the factors driving investor interest in digital health startups. Despite the critical role of entrepreneurs in patient care innovations, the relationship between investor characteristics and funding for digital health technologies still needs exploration. We examine factors influencing investor valuation in healthcare startups and identify patents, social followers and financial disclosures as pivotal elements shaping investor interest. The findings show that all factors for active investors are significant for all variables except similar unique visitors.Originality/valueThese results significantly enhance our understanding of investor decision-making in digital health startups. They confirm the importance of various signals, like patent activity, online presence and financial performance, in attracting investor attention. We utilize unique data sources, offering insights into investors' behavior across different funding stages. In conclusion, these findings underscore investors' crucial role in the growth and funding of healthcare tech startups, emphasizing the need for robust signals to attract investment.

Integrating ecosystems: The synergistic effects of digital innovation hubs on start-up growth

Background: South Africa faces significant socio-economic challenges, with unemployment rate. This highlights the need for economic strategies to generate employment, and start-ups are crucial in this context, as they foster innovation, create jobs and increase competitiveness.Aim: The study aims to investigate how digital innovation hubs (DIHs) influence start-up growth, focusing on their roles and functions.Setting: The research is set within the context of DIHs in Africa, specifically examining the 12 DIHs established under the AEDIBNET programme.Methods: A qualitative methodology was employed, using semi-structured interviews with six DIH managers and 28 entrepreneurs or start-up founders.Results: Supporting start-up growth, holistic development support and integrated ecosystem enhancement by DIHs emerged as key themes. These factors foster a conducive environment for innovation and sustained growth.Conclusion: Digital innovation hubs play a crucial role in supporting start-up growth by providing comprehensive and integrated support systems. Their functions collectively enhance start-up growth.Contribution: This study fills a critical gap in the existing literature on DIHs, offering empirical insights into their impact on start-up growth within the African context. The findings provide valuable implications for policymakers, practitioners and researchers aiming to foster the growth of start-ups. Additionally, the study integrates and expands upon knowledge spillover theory, institutional theory and cluster theory. It demonstrates how DIHs facilitate knowledge sharing, provide formal support structures, foster informal networks, and create and sustain entrepreneurial clusters.

Prioritizing Success Factors for Start-ups in Indonesia Using the Best Worst Method (BWM)

The rapid growth of Indonesia’s start-up ecosystem presents both opportunities and challenges for new ventures striving for sustainability and competitiveness. This study applies the Best Worst Method (BWM) to prioritize key success factors for start-ups in Indonesia, providing a structured framework for decision-making. Six critical factors were evaluated: access to funding, innovation capability, market competition, regulatory environment, talent acquisition, and scalability potential. Through pairwise comparisons, this research identifies access to funding as the most critical factor, while scalability potential is considered the least influential in determining start-up success. The findings offer valuable insights for entrepreneurs, investors, and policy-makers, highlighting areas where targeted support can enhance the growth and sustainability of start-ups. This study contributes to the ongoing discourse on start-up development in emerging economies by providing a decision-making tool to guide strategic priorities within Indonesia’s dynamic entrepreneurial landscape.

Incubating innovation: the role of incubators in supporting business model innovation

Purpose The role of incubators in promoting startup growth has received close research attention, but the findings paint a conflicting picture. This study aims to reduce the ambiguity surrounding incubator impact by exploring how incubators can support startups with business model innovations – a significant growth factor for startups neglected in the incubation literature. Design/methodology/approach Using a multiple-case study design, the authors conducted semistructured interviews with incubator directors and startup founders, offering insights into their experiences. The transcripts were coded following the Gioia method. Findings This study shows that incubatees are exposed to and struggle with business model innovation. Therefore, this study explores how incubators can support startups in innovating their business models. Research limitations/implications This research reveals the importance of addressing the psychological needs of entrepreneurs in incubators. By offering emotional support, incubators can create a positive psychological environment, helping entrepreneurs face fears and challenges. This highlights the human side of entrepreneurship, which has not been considered in the incubation literature. Practical implications Incubator directors can strengthen their programmes’ impact by offering tailored support for business model innovation and facilitating network connections. Policymakers should encourage ecosystem collaboration and allocate resources to effective programmes. Originality/value This research fills a gap in the incubation literature by emphasizing the significance and need for support for business model innovation. This study also offers original insights into the psychological dimensions of entrepreneurship.

Startup Ecosystem in India: The growth and rise of Startups in the recent scenario

Startup Ecosystem in India: The growth and rise of Startups in the recent scenario

실효성과 인과성의 의사결정 논리가 스타트업의 재무적 성과에 미치는 영향: 정합성 분석을 중심으로

Recent research on founders’ goal-setting processes suggests that contrasting decision-making approaches, namely, the effectuation and causal approaches, coexist and complementarily affect business performance. This study analyzes the impact that effectuation and causation have on financial performance and the effect of congruence between the two approaches. The contributions and implications of the findings are as follows: First, we show that causal logic has an independent effect on sales growth and that there is no difference in the effect on sales growth when the implementation level of causation and effectuation are similar to each other. This suggests that the contributions of causation and effectuation to sales growth are not complementary; rather, both principles can follow their own paths to increased sales. Second, effectuation has a greater effect on asset growth than causation, i.e., asset growth accelerates as the level of effectuation increases above average. This suggests that effectuation principles are better suited to a startup's growth path than causation principles. Third, we find evidence that causation logic has a negative effect on operating profits, and average operating profits do not vary with the degree of congruence between effectuation and causation principles. Lastly, effectuation and causation decision logics are not mutually exclusive approaches but are based on different assumptions about the process of setting and achieving business goals. This study demonstrates that using the appropriate framework between effectuation and causation, depending on the goals and constraints of the decision, can lead to better performance.

Year of founding as a determinant of start-up success

This paper examines the impact of year of founding and type of funding on the growth of startups, as measured by average number of employees, and analyses the differences between different business areas. The data was obtained from a large database of startups and was thoroughly cleaned before analysis. Descriptive statistics, correlation analysis and cluster analysis by funding type and business area were used. The results show that year of founding and funding type are significant factors influencing startup growth. Startups funded through Private Equity (PE) Growth had the highest average number of employees, while startups with Series B and Later Stage VC funding showed strong and stable growth. In addition, specific trends were identified in different business areas. Sectors such as Mobility & Transportation and Sales and Marketing show strong growth influenced by the year of founding, while sectors such as Govtech have less growth likely due to specific regulatory requirements. The study highlights the importance of year of founding and type of funding for startup growth and provides valuable insights for founders and investors when planning expansion and funding strategies. The results also suggest the need for further research that considers geographic, macroeconomic and qualitative aspects of startup success.

Place and Placing in the Emergence of Start-ups and Start-up Culture: A Dialectical Approach

Place and Placing in the Emergence of Start-ups and Start-up Culture: A Dialectical Approach

Competing for Talent: Large Firms and Startup Growth

Competing for Talent: Large Firms and Startup Growth

Do accelerators promote the growth of startups? Analysing the effectiveness of startup accelerators through the lens of big data

ABSTRACT Startup accelerators have emerged as a prominent mechanism for supporting early-stage ventures, yet questions persist regarding their effectiveness. This study addresses the gap in understanding by investigating whether accelerators promote the growth of all startups or only those already successful. Leveraging web-search traffic data as a proxy for startup growth, trend analysis is used to assess the impact of acceleration. Using a sample of 103 startups from Y Combinator from 2017 and 2018, the analysis reveals that accelerators aid startups regardless of their pre-acceleration growth status (i.e. growing, stagnating or declining). Furthermore, non-growing startups selected for acceleration exhibit better chances of achieving growth post-acceleration compared to already growing counterparts. These findings add important insights into the understanding of accelerators’ effectiveness, demonstrating that accelerators work for all selected startups, not only for those already successful. Our findings offer two important practical implications: policymakers and stakeholders should continue supporting accelerators due to their positive impact on startup growth and reducing uncertainty; startups should focus on their future potential and vision when applying for an acceleration program. Using the introduced approach, future research could compare the effectiveness of accelerators offering offline and online programs, targeting specific industry sectors, and across different periods.

The UK start-up ecosystem: Opportunities and Challenges

This paper analyses the key opportunities and challenges facing start-ups in the UK, with a focus on their geographical distribution, business sectors and funding stages. Using data from the PitchBook database, we conducted a quantitative analysis of UK start-ups. Our results show that London is a dominant hub for start-ups due to its advanced economic infrastructure and easy access to funding. Fintech, Foodtech and Supply Chain & Logistics are among the most important sectors in which UK start-ups operate. Analysis of the funding stage revealed that most start-ups are in the early stages of their development, highlighting the need for further support as they move into more advanced stages of growth. Furthermore, we found that most start-ups have a relatively small number of employees, which is typical of firms in the early stages of development. Based on our findings, we recommend detailed case studies of successful and unsuccessful start-ups, long-term monitoring of start-up development, comparative studies with other countries, and analysis of the impact of the regulatory environment. Research should also include the impact of technology and innovation, social and cultural factors, the role of educational institutions and incubation programmes, and the impact of Brexit on the start-up ecosystem. These proposals can provide valuable information for entrepreneurs, investors and policy makers seeking to support the growth and success of start-ups in the UK.