Providing a model for overcoming the valley of death for financial technology startups
الموضوعات :
amir ebrahimpour
1
(PhD student in Technology Management, Technology Transfer, University of Research Sciences, Tehran, Iran)
Alireza Askarzadeh
2
(strome college of bisiness, old dominion university, Norfolk, Virginia, USA)
hamideh reshadatjoo
3
(Associate Professor, Department of Management, University of Science and Research)
الکلمات المفتاحية: Valley of Death, startup, Finance-oriented technology,
ملخص المقالة :
The purpose of this research is to provide a model to overcome the valley of death for financial technology startups. This research is practical in terms of purpose and descriptive-survey in terms of data collection. The community under investigation is the services of five technology-oriented startups in the financial field. After defining the topic and conducting preliminary exploratory and library studies, the factors and components were determined through thematic analysis and by a researcher-made questionnaire that reached the opinion of academic and professional experts familiar with the topic (including 3 university professors and 9 experts) and after obtaining corrective comments. Their qualitative and quantitative analysis (using the Delphi method) has reached the consensus of the elite based on statistical methods related to the ultimate analysis of the model, its components and the combination of factors. In the qualitative part, Maxqda software was used for thematic analysis, and in the quantitative part, Smart pls software was used for factor analysis. This research was formed according to the number of 273 primary codes, of which 30 were open codes and 10 were central codes. The research findings showed that (technology development, institutional pressures, active players in the innovation system, government support, high entrepreneurial intelligence, high liquidity, complex customer base, cooperation, successful demonstration of commercialization) has a significant impact on Death Valley. The results showed that the components of overcoming the valley of death on a better understanding of the use of startups among startups in the financial technology field can cause more optimal use of it among them. Using the introduced model helps startups to identify the components of overcoming the valley of death of startups and to understand their strengths and weaknesses in relevant fields and also to be more efficient in the competitive environment.
• A.G. Earle, M.J. Merenda, J.M. Davis, Strategy-as-process in a technology venture–A case study of pivots, pauses, partners, and progress, Technol. Innov. Manag. Rev. 9 (1) (2019).
• Y. Kogure, N. Kobayashi, M. Kawase, S. Shirasaka, M. Ioki, Proposal of entrepreneur’s behavior process for overcoming Japanese Type Valley of Death in startup companies, Rev. Integr. Bus. Econ. Res. 8 (3) (2019) 102–112.
• A. Belz, R.J. Terrile, F. Zapatero, M. Kawas, A. Giga, Mapping the “Valley of Death”–Managing selection and technology advancement in NASA’s small business innovation research program, IEEE Trans. Eng. Manag. (2019) 1–36.
• L. Zhang, Across the "valley of death" of achievement transformation, China Awards Sci.Tech.(7)(2020)21–24. https://kns.cnki.net/kcms/detail/detail. aspx? FileName=ZKJL202007008&DbName=CJFQ2020.
• Y. Liu, Z.-y. Liu, J. Li, Research on efficiency and differences of regional industryuniversity-research synergetic innovation in China, Technol. Soc. 63 (2020), 101369, https://doi.org/10.1016/j.techsoc.2020.101369.
• A.A. Budi, L. Aldianto, Research and development – Commercialization bridge–A refined model, Asian J. Technol. Manag. 13 (1) (2020) 47–62.
• M. Lettner, F. Hesser, B. Hedeler, P. Schwarzbauer, T. Stern, Barriers and incentives for the use of lignin-based resins–Results of a comparative importance performance analysis, J. Clean. Prod. 256 (2020), 120520.
• E. Maulina, A. Muftiadi, M. Rasmini, Surviving the Valley of Death–A study of programs for new small and medium enterprises in West Java Indonesia, Rev. Integr. Bus. Econ. Res. 9 (2020) 209–218.
• Narv ¨ ¨ anen, E., Mattila, M., Mesiranta, N., 2021. Institutional work in food waste reduction: start-ups’ role in moving towards a circular economy. Ind. Market. Manag. 93,605–616. https://doi.org/10.1016/j.indmarman.2020.08.009.
• Nair, S., Gaim, M., Dimov, D., 2022. Toward the emergence of entrepreneurial opportunities: organizing early-phase new venture creation support systems. Acad. Manag. Rev. 47, 162–183. https://doi.org/10.5465/amr.2019.0040.
• Moritz, A., Naulin, T., Lutz, E., 2021. Accelerators as drivers of coopetition among earlystage startups. Technovation. https://doi.org/10.1016/j.technovation.2021.102378.
• Leitão, J., Pereira, D., Gonçalves, Â., 2022. Business incubators, accelerators, and performance of technology-based ventures: a systematic literature review. J. Open Innov. Technol. Mark. Complex. 8. https://doi.org/10.3390/joitmc8010046.
• P. Adams, Financing Your Digital Health Venture, in: Springer, Cham, 2020: pp. 59–70. https://doi.org/10.1007/978-3-030-12719-0_6.
• I. Chakraborty, P.V. Ilavarasan, S. Edirippulige, COVID-19 as a catalyst for telehealth growth in India: some insights, J. Int. Soc. Telemed. EHealth. 9 (2020) e3 (1-4). https://doi.org/10.29086/JISfTeH.8.e3.
• I. Chakraborty, P.V. Ilavarasan, S. Edirippulige, Health-tech startups in healthcare service delivery: A scoping review, Soc. Sci. Med. 278 (2021), 113949, https://doi. org/10.1016/J.SOCSCIMED.2021.113949.
• F. Velayati, H. Ayatollahi, M. Hemmat, R. Dehghan, Telehealth Business Models and Them
• Daldrup, V.; Krahl, O.; Bürger, R. Is Crowdfunding Suitable for Financing German Public Research Organization (PRO) Projects? In Contemporary Developments in Entrepreneurial Finance, FGF Studies in Small Business and Entrepreneurship; Moritz, A., Block, J.H., Golla, S., Werner, A., Eds.; Springer: Cham, Switzerland, 2020; pp. 309–338.
• Barron, E.; Amoros, J.E. Bridging the valley of death: Lessons from an entrepreneurial program. Int. J. Entrep. 2020, 24, 1–7.
• Lettner, M.; Hesser, F.; Hedeler, B.; Schwarzbauer, P.; Stern, T. Barriers and incentives for the use of lignin-based resins: Results of a comparative importance performance analysis. J. Clean. Prod. 2020, 256, 120520.
• ebrahimpour, A., reshadatjoo, H., zolfaghari sadegh, A. H., khosravi, N., & mehdipour ojani, N. (2023). Designing ecological models of startups in the field of medical services. Jounal of Marketing Management, 18(59), 43-60. doi: 10.30495/jomm.2023.66458.1925.
• Gomber, P., Koch, J. A. and Siering, M. (2017). “Digital Finance and FinTech: current research and future research directions”. Journal of Business Economics, 87(5), pp. 537-580.
