Track: Entrepreneurship and Innovation

Abstract

Tech startups' popularity has attracted investors, entrepreneurs, policymakers, and scholars for decades. Furthermore, a tech startup is a concept of entrepreneurship that utilizes the role of new and innovative technology to drive the firm's scalability in terms of investment and profit creation. In the Western world, a tech startup is not new, and the emergence of the world's renowned tech startup ecosystem, such as Silicon Valley, has inspired other parts of the world to do so in developing entrepreneurship. In this paper, a systematic literature review was conducted to investigate the success factors of tech startups in both developing and developed economies. The search string found 3,062 academic papers, and 57 studies were selected and analyzed due to the systematic review. The result shows 13 success factors identified in developing economies and 15 success factors in developed economies. The initial result of the systematic review of the startup success factors reveals a significant difference between success factors in developing and developed countries. In developing economies, external and organizational factors are the most relevant to the startup's success. On the other hand, in advanced economies, the most relevant factors are driven by individual factors.Tech startups' popularity has attracted investors, entrepreneurs, policymakers, and scholars for decades. Furthermore, a tech startup is a concept of entrepreneurship that utilizes the role of new and innovative technology to drive the firm's scalability in terms of investment and profit creation. In the Western world, a tech startup is not new, and the emergence of the world's renowned tech startup ecosystem, such as Silicon Valley, has inspired other parts of the world to do so in developing entrepreneurship. In this paper, a systematic literature review was conducted to investigate the success factors of tech startups in both developing and developed economies. The search string found 3,062 academic papers, and 57 studies were selected and analyzed due to the systematic review. The result shows 13 success factors identified in developing economies and 15 success factors in developed economies. The initial result of the systematic review of the startup success factors reveals a significant difference between success factors in developing and developed countries. In developing economies, external and organizational factors are the most relevant to the startup's success. On the other hand, in advanced economies, the most relevant factors are driven by individual factors.