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Summary:
To study different lifecycle stages of startups and work out critical success factors in each life stage. Three
different startup types were selected for study - food, app analytics and social startups.
Task out the factors that are important from success point of view in each lifestyle stage by going under the
background theories related to these context.
Next phase was creation of Success Factor Scorecard, where surveys and questionnaire were conducted to
get response from different startups and use these valuable inputs to give the final framework. The Scorecard
model compromises the critical success factors for each stage through key performance indexes. After that,
Statistical technique like factor analysis was done to validate the hypothesis. Cluster analysis was also
performed to group startups together on the basis of their similarities. Observations from both facts and
analysis presented were part for recommendations.
Different Startups:
1. SME Niwas - Financial Service/Solutions
2. Airpix - Drone solution provider
3. iKen Solutions - Hybrid artificial intelligence techniques
4. JSK Explorers - Platform for internships, recruitment projects etc.
5. Energized Solutions - Lighting solutions
6. Swarajya Infotech - IT solutions and consultancy
7. Mapicle - News summarising app
8. Coinn - Payments app
9. MedPrime - Medical device company
10. Wegilant - Security and vulnerability in mobile apps
11. BriefKase - Digital marketing solutions
12. Kernl - Online crowdfunding platform
13. MovinCart - On demand delivery service
14. BoiBanit - Food ordering marketplace
15. Trakstar Product Innovation - Attendance management for educational institutions
16. Tracxn - Data analytics for VC firms, private equity firms etc.
17. Inayo - Online medical shops
Framework Hypothesis:
In this framework is that critical success factors considered in each stage are only important in its respective
stage, any of the critical success factor cannot be important in any other lifecycle stage.
Conclusions:
❏ Critical success factors considered in each stage are only important in its respective stage, any of the
critical success factor cannot be important in any other lifecycle stage.
❏ All Critical Success Factors are highly positive correlated with the probability of success in all startup
stages except the Critical Factors i.e. Resources and Marketing that have negative correlation with the
probability of success in an exit stage.
❏ Summary of dominant KPIs for Critical Success Factors:
Entrepreneur - Industry Experience, Technocrat and Risk Appetite
Product/Services – Product Differentiation
Legal Agreements - Equity Arrangements and IP ownership
Expert Guidance - Incubators and Accelerators , Mentors -Technical Consultants
Marketing Capability - Customer Service and Distribution Network
Corporate Governance – Financial Accounting
Management Strategy - Target Business Goals, Business Partners, Market
Position and Comprehensive Communication
External Environment - Location and Competitive Forces
External Factors - Macroeconomic and Micro-economic factor
Internal Factors - People Management and Capital Constraint
❏ Concept / Seed Stage - Product/Service is the most important factor amongst the rest. Others are not
equally important.
❏ Early Stage - Marketing Capability is the most important factor amongst the rest. Others are almost
equally important.
❏ Growth Stage - Management Strategy and External environment are the most important factor amongst
the rest. Others are not equally important.
❏ Exit Stage - All are equally important.
Critical Success Factors of the survival of startups with Radical Innovation
Summary:
The purpose is to determine which factors are most important for the success of a startup with a radical
innovation in the first three years. A conceptual model is designed in which three main factors determine the
success of growth: the uniqueness of the advantages of the innovation, the startup organization characteristics
and the person of the entrepreneur. A survey was setup with startup companies which are not older than
fifteen years and which are active in a diversity of segments. Growth was operationalised in two ways: the
growth in turnover and the growth in employment.
Innovation:
Innovation is a process that delivers added value and newness to an organization, suppliers and customers by
the development of new processes, procedures, solutions, products, services, new methods of
commercialization and/or business model by a small entrepreneurial or large established firm in an open or
closed system.
Radical Innovation:
A radical innovation is an innovation with a unique and original product , system or business model, that will
make other already existing ones unnecessary or obsolete and has a high uncertainty of success because of
the level of newness and obscurity of the needed design effort, technology, knowledge and market.
Results:
❏ Turnover Success
❏ Innovation - Unique advantage
❏ Organization - business plan, proactive customer approach, 75000 euro seed capital, multiple
owners
❏ Entrepreneur - years of industry exp, relevant social network, number of previous jobs, years of
working exp.
❏ Employment Success
❏ Innovation - none
❏ Organizational - business plan, use of external advice and knowledge, 75000 euro seed capital,
use of investors money
❏ Entrepreneur - none
Start Up Companies : Life Cycle and Challenges
Summary:
The paper tries to conceptualize the phenomenon of startups and recognize the challenges they might face.
Due to several reasons, studying these areas is of prime importance. First, many startups fail in the very early
stages and less than one third of them turn into companies- “high rate of failure”. Second, failure occurs due to
several reasons, such as lack of finance, team management problems, lack of enough business knowledge,
technology lag, etc.-“startup problems”. Third, most of startups that survive might turn into
successful companies which play a significant role in economies- “success stories”. There is a black box called
“valley of death” which is a part of the early stage when startups face challenges. The paper attempts to
explain startups and recognize the challenges they might face in the valley.
Challenges:
❏ Financial
❏ Human Resources
❏ Support Mechanisms
❏ Environmental Elements