عنوان مقاله [English]
Despite the remarkable uncertainty in the profitability of start-ups, their future development is highly dependent on financing and investor attraction. This research has been formed in response to the central concern of whether a suitable model for the profitability of start-ups to attract venture capitalists and financing to develop the business and successfully enter the market has been formed. To answer this concern, we studied the dimensions of the components affecting the profitability of start-ups according to the existing theoretical literature. Also, considering the issues raised and the importance of start-ups in attracting investors and financing, the present study seeks to answer the following questions: Question 1: What factors affect the profitability of start-ups? Question 2: To what extent is the profitability of start-ups dependent on the identified factors? This study is the first research to be conducted in Tehran. Its approach tries to cover 66.214% of the variance of the variables affecting the profitability of start-up companies and increase the variance of these variables to influence the factors, identify, evaluate and model the profitability of start-ups. The results of this study can pave the way for start-ups and venture capitalists in the path of financing and raising capital. Also, this research provides valuable and helpful information to relevant executives, investors, and start-ups to promote, grow and develop these companies and also help to develop the urban economy.
Materials and Methods
This research aims to add to the existing knowledge in the field of profitability of start-up companies. It is descriptive-survey research in terms of exploratory approach and in terms of data collection. It is also cross-sectional and causal in terms of the time domain. Since the level of analysis of this research is at the level of start-up companies, the statistical population of this research includes all companies located in science and technology parks of Tehran, including science and technology parks of Tehran, Universities of Sharif, Tarbiat Modares, and science and culture, campus science and technology park and Azadi Innovation Factory. According to the research analysis unit, more than 250 questionnaires were distributed, of which 168 usable questionnaires were analyzed. Also, the sampling method is done in a quota method. The data collection tool was a questionnaire containing 129 five-choice questions that were based on studies in the existing theoretical literature, 124 questions related to independent variables affecting the profitability of start-ups, and five questions related to the dependent variable of profit were identified and adjusted. Also, the data analysis method of this research includes exploratory factor analysis and multivariate regression.
According to the results of data analysis, in response to the first question of the research, the results of exploratory factor analysis have explained six influential factors “on the profitability of start-up companies”. The first factor includes variables of transparency of financial information, including costs, attention to culture, customer attention, staff training, entrepreneurial team expertise, competent colleagues, appropriate decision making by managers, entrepreneurial team commitment and cooperation, and commitment and expertise of managers. Its constituent elements are named as the strength and quality of the entrepreneurial team. The second factor includes variables of export quality of products, having a competitive advantage, good relationship with the customer, the attractiveness of the idea, having a plan and program, innovation, and having a long-term vision horizon. According to its constituent elements, the second factor is called “competitive advantage”. The third factor includes variables of access to capital, suitable space and place, liquidity, government and community support, and strategic alliance with other companies. According to its constituent elements, the third factor is named “appropriate infrastructure or platform”. The fourth factor includes variables of industry history, necessary stability, the existence of similar and suitable companies, and the existence of a suitable market for products and services, which is named “sustainability” according to its constituent elements. The fifth factor includes variables of analysis and critique of media, financing from secondary markets, and attention to other markets. The fifth factor is named “secondary marketing” according to its constituent elements. The sixth factor includes variables of economic conditions governing society, political conditions, and profitability of the company. The sixth factor is named “economic and political conditions” according to its constituent factors.
The main purpose of this study is to provide a model for the profitability of start-ups in science and technology parks to develop the urban economy because previous studies indicate that in the literature, there is not an integrated model that specifically questions profitability concerning the considerations of these companies. According to the results of data analysis, in response to the first question of the research, the results of exploratory factor analysis have explained six influential factors on the profitability of start-up companies. These factors include the following variables, which according to the specific amount and percentage of variance coverage of each factor are: the first factor: the strength and quality of the entrepreneurial team, the second factor: competitive advantage, the third factor: the appropriate infrastructure or platform, The fourth factor: sustainability, the fifth factor: secondary marketing and the sixth factor: economic and political conditions. Also, based on the results obtained from regression analysis in response to the second question of the research on the impact of factors affecting the profitability of start-ups, factor 4 (sustainability) has the most significant effect on the dependent variable. Factors 3 (appropriate infrastructure or platform), 6 (economic and political conditions), 5 (secondary marketing), 2 (competitive advantage), and 1 (strength and quality of the entrepreneurial team) affect the dependent variable of profit after factor 4, respectively.