طراحی الگوی عوامل کلیدی موفقیت شرکت های سرمایه گذاری خطرپذیر در جمهوری اسلامی ایران (مقاله علمی وزارت علوم)
درجه علمی: نشریه علمی (وزارت علوم)
آرشیو
چکیده
مهم ترین هدف شرکت سرمایه گذاری خطرپذیر (س.خ.)، موفقیت سرمایه گذاری و رسیدن به سودآوری باتوجه به مشکلات و نرخ شکست بالای سرمایه گذاری های انجام شده در شرکت های نوپا است. هدف از این پژوهش ارائه چارچوبی از عوامل کلیدی موفقیت (KSFs) شرکت های سرمایه گذاری خطرپذیر در زیست بوم نوآوری ایران و ارائه روشی جامع برای احصا این عوامل بوده است. برای این منظور مطابق با روش فراترکیب در تکمیل پژوهش رشیدی و همکاران (۱۴۰۲) پس از جست وجو و پالایش منابع انگلیسی و فارسی در کنار ۱۲ مصاحبه انجام شده از خبرگان سرمایه گذاری خطرپذیر، ازطریق روش تحلیل مضمون و دسته بندی مجدد کدهای اولیه درمجموع 139 مضمون پایه، 22 مضمون سازمان دهنده و 11 مضمون فراگیر در 3 مضمون کلان احصا شد. سپس با ارائه پرسش نامه به خبرگان و استفاده از دیمتل، الگوی روابط معنادار بین مضامین سازمان دهنده شناسایی شد. درنهایت با استفاده از روش تاپسیس عوامل منتخب خبرگان از مضامین پایه اولویت بندی شد و پنج عامل سرمایه گذاری بر روی بنیان گذاران پرانگیزه و توانمند، شبکه ارتباطی درون و بیرون از صنعت سرمایه گذاری شده، وجود اعتماد و صداقت بین بنیان گذاران و شرکت سرمایه گذاری خطرپذیر، ورود به بازارهای بزرگ و رشدپذیر و مهارت های نرم مدیران شرکت سرمایه گذاری خطرپذیر به عنوان عوامل کلیدی موفقیت شرکت های سرمایه گذاری خطرپذیر در ایران معرفی شد.Designing a Model of the Key Success Factors (KSFs) of Venture Capital (VC) Firms in the Islamic Republic of Iran
The primary objective of a Venture Capital (VC) firm is to achieve investment success and profitability, particularly given the challenges and high failure rates associated with investments in startup companies. This study aimes to establish a framework of Key Success Factors (KSFs) for VC firms operating within Iran's innovation ecosystem. Additionally, it offered a comprehensive methodology for assessing these factors. To achieve this, we employed a meta-synthesis method to build upon the research conducted by Rashidi et al. (2023). After searching and refining both English and Persian sources, we conducted 12 interviews with VC experts. Through thematic analysis and re-categorization of primary codes, we identified a total of 139 basic themes, which were further organized into 22 organizing themes and 11 comprehensive themes, all of which were structured under 3 macro themes. Subsequently, a questionnaire was presented to experts and the DEMATEL technique was utilized to identify the significant relationships between the organizing themes. Finally, using the TOPSIS method, we prioritized the factors selected by the experts, identifying 5 KSFs for VC firms in Iran: "investing in motivated and capable founders", "establishing communication networks within and outside the invested industry", "ensuring trust and honesty between founders and the VC firm", "entering large and growing markets", and "developing the soft skills of VC firm managers".Keywords: Venture Capital (VC), Key Success Factors (KSFs), Entrepreneurial Finance, TOPSIS, DEMATEL. IntroductionVenture Capital (VC) firms operate with an indefinite lifespan and manage multiple portfolios under their umbrella. VC investors are experienced as financial and business professionals, who provide both financial and managerial support to the most innovative and promising companies. In the relationship between entrepreneurs and VC investors, these investors do not merely serve as providers of financial resources; they actively contribute to the growth of companies by engaging in management, strategic marketing, and business planning. The success of VC firms is influenced by a variety of factors and achieving this success often appears complex and elusive. Identifying the Key Success Factors (KSFs) for VC firms is essential for conducting an internal environment analysis during strategic planning. This identification not only establishes a basis for measuring the performance of these firms, but also enhances the focus and intelligence of investments at a macro level. This study aimed to present a framework of KSFs for VC firms within Iran’s innovation ecosystem and offer a comprehensive method for identifying these factors. Specifically, this research sought to answer two key questions: first, "What indicators define the success of VC firms?" and second, "What factors contribute to the success of VC firms?" A review of the literature indicated that previous research had addressed aspects of these questions. Therefore, this study, building on the findings of Rashidi et al. (2024), aimed to complete the framework of KSFs for VC firms. Materials & MethodsThis study employed a mixed-methods research design. Initially, the "meta-synthesis" method, along with "interviews", was used to identify the success factors and indicators for VC firms. Following this, a thematic network of these factors was developed through "thematic analysis", resulting in a preliminary comprehensive model of the success factors and indicators relevant to VC firms. In the next phase, the themes identified through thematic analysis were ranked based on responses from VC experts, utilizing completed DEMATEL questionnaires. This process determined the influence, impact, and significance of each category of success factors. Finally, to establish the KSFs for VC firms, several fundamental themes endorsed by experts were analyzed using the TOPSIS method. Through expert feedback, a two-dimensional matrix of option-indicators was created, ultimately identifying 5 KSFs for VC firms operating in Iran.FindingsThe results obtained from the interview process and meta-synthesis were categorized through thematic analysis. In response to the first research question, 23 organizing themes and 11 global themes were analyzed and classified into 3 broad categories: "Characteristics Related to the Investee", "Internal Characteristics of the VC Firm", and "Environmental Characteristics". From these basic themes, 22 options were selected and refined for inclusion in the TOPSIS process based on expert input. For the second research question, 2 main themes and 11 sub-themes were extracted. The main themes, "Financial Return" and "Strategic Impact", served as input indicators for the TOPSIS analysis. Based on the TOPSIS output, the top 5 factors influencing the success of VC firms in Iran, in order of significance, were: 1) investing in motivated and capable founders, 2) establishing a network of connections within and outside the target industry (including governmental institutions), 3) fostering trust and transparency between the founder(s) and the VC firm, 4) entering large and scalable markets, and 5) developing the soft skills (such as negotiation, leadership, and teamwork) of VC firm managers. Additionally, the DEMATEL technique indicated that the most influenced success factor was the "Investment Strategy of the VC Firm", while the most influential factor was the "Resources and Connections of the VC Firm", which was also affected by other factors. Furthermore, the "Investment Strategy of the VC Firm" displayed the highest degree of interconnection with other factors. Discussion & ConclusionThis study aimed to comprehensively identify the success factors for VC firms by conducting interviews with industry professionals and systematically reviewing the existing research. Utilizing soft Operational Research (OR) methods, we analyzed the relationships between these factors and their prioritization concerning success indicators. The review of KSFs for VC firms in Iran revealed a strong emphasis on Human Resource (HR) and interaction-based perspectives. Notably, 4 of the KSFs focused significantly on HRs and interpersonal skills—an aspect often overlooked by investors, particularly those with backgrounds in finance and capital markets. Ultimately, this research built upon prior models to present a new framework for identifying KSFs specific to the VC industry, which may also inform future research. This framework encompassed reviewing the existing literature, conducting interviews with industry experts, refining important success factors, prioritizing these factors, determining the KSFs, and evaluating the relationships between these factors to support strategic formulation within organizations.
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