Risk Factors in Start-Ups: An Evaluation

Year 2023, Volume: 26 Issue: 1, 241 - 258, 30.04.2023

Mustafa Halid Karaarslan , Neilan Soylu

https://doi.org/10.29249/selcuksbmyd.1132338

Cited By: 1

Abstract

Start-ups are considered as the way to ensure high added value and competitiveness in economies around the world. While investments in start-ups and government incentives tend to increase, evaluation of start-ups risks is an important issue not only for increasing the return on the investment but also for the efficient use of resources. This study examines the specific risks of 23 start-ups operating in various sectors in Türkiye. Employing multiple case method, the start-ups’ risk factors have been analyzed under four major dimensions (organization and human capital; technology and product; financials; marketing and implementation). Factors affecting the risk of start-ups have been assessed in depth according to their expected impact on funders’ decisions. Findings reveal that issues like key personnel dependence and process efficiency must be carefully assessed as they have a critical role in the survival of start-ups. Due to lack of financial resources and the length of time needed to reach a positive cash flow, the start-ups’ focus can be frequently shifted from their core operations to temporary income generating activities, which also increases the risk. Start-ups are set up subsequently to successfully completed R&D projects, therefore their founders mostly have an engineering background. However, although high R&D potential can be considered as having a risk decreasing effect, it is still their ability to efficiently manage financial resources and to adopt an appropriate marketing strategy to commercialize their products in order to generate cash flows and to attain a stable growth that actually determines their risk levels.

Keywords

Risk Factors, Start-Ups, Valuation, Multiple Case Analysis, Venture Capital

Yeni Kurulan Girişimlerin Risk Faktörleri: Bir Değerlendirme

Abstract

Yeni kurulan girişimler, dünya ekonomilerde yüksek katma değer ve rekabet gücü sağlamanın yolu olarak görülmektedir. Yeni kurulan girişimlere yapılan yatırımlar ve devlet teşvikleri artma eğilimindeyken, yeni kurulan girişimlerin risklerinin değerlendirilmesi, sadece yatırımın geri dönüşünü artırmak için değil, kaynakların verimli kullanılması açısından da önemli bir konudur. Bu çalışmada, Türkiye’de çeşitli sektörlerde faaliyet gösteren 23 yeni kurulan girişimin spesifik riskleri incelenmektedir. Çoklu vaka analizi yöntemi kullanılarak, yeni kurulan girişimlerin risk faktörleri dört ana boyutta (organizasyon ve insan sermayesi; teknoloji ve ürün; finansal; pazarlama ve uygulama) ele alınmıştır. Yeni kurulan girişimlerin riskini etkileyen faktörler, fon sağlayıcıların kararları üzerinde beklenen etkilerine göre derinlemesine değerlendirilmiştir. Bulgular, kilit personel bağımlılığı ve süreç verimliliği gibi konuların, yeni kurulan girişimlerin hayatta kalmasında kritik bir role sahip oldukları için dikkatli bir şekilde değerlendirilmesi gerektiğini ortaya koymaktadır. Finansal kaynak yetersizliği ve pozitif bir nakit akışına ulaşmak için gereken sürenin uzunluğu nedeniyle, yeni kurulan girişimlerin sıklıkla ana faaliyetlerinden uzaklaşıp geçici gelir getirici faaliyetlere odaklanmaları sonucu risk artabilmektedir. Yeni kurulan girişimlerin başarılı bir şekilde tamamlanmış Ar-Ge projeleri sonucunda kurulmakta, bu nedenle kurucuları çoğunlukla mühendislik geçmişine sahiptir. Yüksek Ar-Ge potansiyelinin risk azaltıcı bir etkisi bulunmaktadır. Bununla birlikte, nakit akışı yaratmak ve istikrarlı bir büyüme elde etmek için finansal kaynakları etkin bir şekilde yönetme ve ürünlerini ticarileştirmek için uygun bir pazarlama stratejisi benimseme becerisi riski etkileyen en önemli faktörler olarak ortaya çıkmaktadır.

Keywords

Risk faktörleri, Yeni Kurulan Girişimler, Değerleme, Çoklu Vaka Analizi, Girişim Sermayesi

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