Successful development of startups as a global trend of innovative socio-economic transformations

Abstract

In order to make positive socio-economic transformations, the concept of the sustainable development was proposed and it can be implemented through the innovation. And startups are among the modern innovation drivers. So, the aim of the research was to identify the key startup success factors and to develop an instrument for startup success evaluation in order to minimize the loss of time and resources and partly overcome the high uncertainty rates, specific to the startup industry, using multidisciplinary approach and, in turn, contribute to the sustainable development implementation. It was found that there are three main constituents which influence the startup success – an external environment, startup activity and an internal startup environment. The determined success factors were analyzed according to the groups which correspond to these constituents. The mathematical model in the form of the Bayesian network for evaluation and prediction of the startup success was developed. It was found that the modeled startup success probability is most likely to be of a low or an average level. The conditional probabilities distribution for the startup success was also analyzed. The developed model can be used for the startups success levels determination in a particular country, specific market, etc.