A Comprehensive Model for Idea Evaluation at Early-Stage Level (Pre-Seed)

i A Comp ehensi e Model o Idea E alua ion a Ea ly-S age Le el (P e-Seed) Ali eza Fa aha Disse a ion epo p esen ed as pa ial equi emen o ob aining he Mas e ’s deg ee in In o ma ion Managemen ii NOVA In o ma ion Managemen School Ins i u o Supe io de Es a ís ica e Ges ão de In o mação Uni e sidade No a de Lisboa A COMPREHENSIVE MODEL FOR IDEA EVALUATION AT EARLY- STAGE LEVEL (PRE-SEED) by Ali eza Fa aha Disse a ion epo p esen ed as pa ial equi emen o ob aining he Mas e ’s deg ee in In o ma ion Managemen , wi h a specializa ion in Ma ke ing In elligence Ad iso : P o esso Guilhe me Ma ins Vic o ino Co Ad iso : D . Ja aneh Meh an No embe 2021 iii ABSTRACT Nowadays, go e nmen s encou age people o be an en ep eneu and s a hei businesses. Because small and medium en e p ises play a c i ical ole in economic g ow h as well as social subjec s. Howe e , s a is ics show a la ge numbe o s a -ups e en ually ail due o se e al easons. Among all, he cause o his ailu e could be a lack o co ec e alua ion o he idea a he ea ly s age. The e o e, his s udy is seeking he mos c ucial c i e ia o he idea e alua ion p ocess o aid en ep eneu s o ake he igh assessmen and p e en ailu e. The s udy uses a mixed me hod, which consis s o na a i es and sys ema ic e iew, and hen ollows a se ies o quali a i e in e iews wi h s a -up coaches, business in es o s, and bo h success ul and ailed s a -up ounde s o ha e comp ehensi e opinions abou he explo ed c i e ia. In he conclusion, he s udy sugges s a amewo k o idea e alua ion ha is consis s o he 16 mos signi ican idea e alua ion c i e ia which dis ibu ed among ou s ages. This amewo k could be conside ed as a eed o u u e s udies o use a i icial in elligence o assessing s a -up ideas a he ea ly s age. KEYWORDS Idea E alua ion; Idea Assessmen ; Idea Quali y; Idea Gene a ion, S a -up Idea, En ep eneu ship Idea i INDEX 1. In oduc ion .................................................................................................................. 1 2. Li e a u e e iew .......................................................................................................... 3 3. Me hodology ................................................................................................................ 7 4. Resul s........................................................................................................................... 9 4.1. Resul s o na a i e e iew .................................................................................... 9 4.1.1. S age 0: Necessi ies o Idea ion .................................................................. 10 4.1.2. S age 1: Gene a ing Idea .............................................................................. 11 4.1.3. S age 2: En iching Idea ................................................................................. 13 4.1.4. S age 3: Idea Feasibili y ................................................................................ 15 4.2. Resul s o sys ema ic e iew ............................................................................... 16 4.3. Resul s o quali a i e in e iews ......................................................................... 22 4.4. F amewo k ........................................................................................................... 28 5. Conclusion .................................................................................................................. 31 6. Limi a ion .................................................................................................................... 32 7. Bibliog aphy ................................................................................................................ 33 LIST OF FIGURES Figu e 4-1 Idea e alua ion p ocess .......................................................................................... 10 Figu e 4-2 F equency o idea e alua ion c i e ia in 30 s udies ................................................ 21 Figu e 4-3 Dis ibu ion o publica ions based on published yea ............................................ 21 Figu e 4-4 Dis ibu ion o idea e alua ion c i e ia among publica ions 2016 o 2020. ........... 22 Figu e 4-5 Dis ibu ion o in e iewees based on place o li ing ............................................ 23 Figu e 4-6 Dis ibu ion o in e iewees in e ms o yea ly income ......................................... 23 Figu e 4-7 Dis ibu ion o signi ican e alua ion c i e ia among in e iewees ....................... 24 Figu e 4-8 Top 2 idea e alua ion c i e ia men ioned by in e iewees .................................... 27 Figu e 4-9 In e iewees o e o ha ing an idea e alua ion amewo k ................................. 27 Figu e 4-10 F amewo k o idea e alua ion c i e ia a he p e-seed le el .............................. 29 i LIST OF TABLES Table 4-1 Sys ema ic e iew esul .......................................................................................... 20 Table 4-2 Dis ibu ion o in e iewees' p o ession .................................................................. 23 ii LIST OF ABBREVIATIONS AND ACRONYMS GDP G oss Domes ic P oduc KPI Key Pe o mance Indica o ML Machine Lea ning MVP Minimum Viable p oduc R&D Resea ch and de elopmen ROI Re u n on In es men SE Small En e p ises TCA Tech Coas Angels UK Uni ed Kingdom UN Uni ed Na ions USP Unique Selling P oposi ion UVP Unique Value P oposi ion 1 1. INTRODUCTION S a -ups play a signi ican ole in economic g ow h and economic dynamism as hey c ea e mo e jobs, inc ease he employmen a e as well as spu inno a ion, and injec compe i ion (Sulli an e al., 2021). Due o he global ans o ma ions and apid de elopmen o echnology, sus aining economies need a cons an sea ch o oppo uni ies and unme needs o c ea e dis up i e inno a ion, which inno a i e s a ups (e.g., clean ech) a e be e gene a o s in compa ison o la ge companies (Hegeman & Sø heim, 2021). The e o e, o speed up he dis ibu ion cycles, ma ke -leading companies (e.g., Apple, Mic oso ) o e pla o ms and in as uc u e o build up socie al ans o ma i e echnology in he o m o s a ups and s a up ecosys ems. S a ups con ibu ed o he echnology e olu ion and c ea ed new indus ies o e ime which a e he goals o any go e nmen in his c i ical edge (Co l, 2019). S a ups a e a hedge owa ds he social secu i y o he u u e. The e o e, i is c i ical o c ea e s a up ecosys ems and inance g een s a ups. Fo ins ance, Eu opean Inno a ion Council (EIC), is supposed o alloca e up o €2.5 million in 2021 o und companies de eloping echnologies wi h long lead imes ha will ake longe o p oduce e u ns (Naujokai y ė, 2021). Likewise, a epo om he S a is ica websi e shows ha he numbe o in es men cases in s a -ups has inc eased o e 270% in Eu ope du ing he las i e yea s and eached 2301 in 2019 om 857 cases in ea ly 2015 (Rudden, 2020). Howe e , a ac om Failo y webpage s a es ha 90% o s a -ups ail e en ually, and 20% o hem ha e ailed jus in he i s yea (Ce dei a & Ko ashe , 2021). Based on he Medium pla o m, 34% o s a ups close wi hin hei i s wo yea s and jus o e 50% o businesses make i o hei i h yea and only 25% o hem make i o he 15-yea ma k (Che ne , 2021). iGoS a up epo ed ha 82% o i s - ime Eu opean en ep eneu s ail (Che ne , 2021). Acco ding o he li e a u e, academicians and p ac i ione s ha e epo ed nume ous easons behind s a up ailu es, which is possible o ca ego ize in di e en a eas and s ages as a s o y o ailu es. As a as en ep eneu ship isk (eg., in es men isk) is una oidable, i is gene ally belie ed ha ailu e should no call any s ep a mis ake, while i needs o conside as a lea ning oppo uni y. E iden ly, despi e hei high in es men isks, echnological s a ups inc easingly a ac co po a e en u e capi al (Hegeman, & Sø heim, 2021). The e o e, he li e a u e includes many ecommenda ions and ins uc ions o en ep eneu s o join hem in o he league o accomplishes. A icles on s a ups' managemen add ess he complica ing ac o s o idea ailu es and ailu e in new en u e c ea ion (Kalyanasunda am, 2018) o de elop a dynamic p ocess model owa ds p e en ion and managemen o ailu e in business incuba ion (Nai & Blomquis , 2019). Acco dingly, a s udy om Ha a d Business Re iew classi ied mo e han 250 pla o ms in o ou ca ego ies as he mos common easons o ailu e naming un easonable p icing o p oduc s, misp icing on one side o he ma ke , ailu e o de elop us wi h use s and pa ne s, impulsi ely dismissing he compe i ion, and la e en y. (Yo ie e al., 2019). While he easons and ca ego iza ion o ailu es a e con o e sial among expe s, he idea e alua ion p ocess has been epo ed challenging due o he lack o a speci ic amewo k o e alua e an idea a he i s s ep (Be gek & No man, 2008). The idea e alua ion p ocess a he p e-seed le el has been epo ed o be mo e challenging han his le el. Fi s , he p e-seed le el is a checkpoin o assu e he quali y o he gene a ed idea and i conside s s a egic oppo uni ies in he long- e m pe iod when assessing he ideas. Second, he mos eason o ailu es has been ca ego ized in P e-seed le el. Fo example, many ideas a e ailing because o a lack o cus ome need, w ong p oduc s a egy, weak en ep eneu pe sonali y, and a bad in e ela ionship be ween eam membe s (Kalyanasunda am, 2018). Thi d, ea ly assessmen o a pe son's ac i i ies and hough s maybe a ec he idea gene a ion p ocesses and lead o making mo e c ea i e p oduc s (Luba , 2001). Finally, en ep eneu ship heo ies con i m, ea ly-s age s a ups a e a miles one o ans e ing ideas in o businesses a e alua ion and exploi a ion le el such as new en u e concep ion, alue c ea ion, and oppo uni y ecogni ion (Rado ic-Ma ko ic & Salamzadeh, 2012). In academia, esea ch pape s ocus on a speci ic aspec o idea e alua ion (e.g., so wa e s a ups), and so a , holis ic amewo k design is sca ce o he idea 2 e alua ion s eps a he p e-seed s age. E en hough ea lie s udies ha e aken di e en heo e ical pe spec i es in unde s anding Idea e alua ion om incuba o s’ pe spec i e (Nai & Blomquis , 2019), a p ocess pe spec i e o ailu e p e en ion and idea e alua ion om idea gene a o s and men o s was missing. P ac ically, a business e iew called o u he esea ch o ind he eason o ailu e, and hen, explo e e alua ion p ocess c i e ia and hei p io i y, and inally ob aining he iden i y o he business o d a a amewo k o add ess he complexi y and he e ogenei y o he idea e alua ion p ocess (Yo ie e al., 2019). Thus, his hyb id e iew s udy complemen ed by in-dep h in e iews ied o ga he all aspec s oge he o de elop a amewo k as a oadmap o en ep eneu s, men o s, and business angels as a aluable il e o bo h idea gene a o s and incuba o s o educe he in es men isk in he u u e. Thus, he main goal o his s udy is 1) o in es iga e he oo and causes o ailu e as well as success in p e-seed le el and come up wi h idea e alua ion c i e ia in li e a u e 2) sca e and expand o e alua ion c i e ia and hei p io i ies in academia as well as p ac ice. This e iew s udy o e s wo subs an ial con ibu ions. Fi s , i highligh es he eason behind he ailu e by e iewing he inclusion o a ange o ailu e eason ca ego ies o d a a amewo k. Second, by an in-dep h in e iew wi h expe s, i u he a gues ha wha a e he p io i ies o each ca ego ies’ e alua ion in eal indus ies based on he ma ke en i onmen , ype o s a ups, geog aphy, and global ends o build he ci cula ion and e iew cycle be ween academia and p ac ices. This s udy in ends o add ess he ollowing esea ch ques ions: Wha a e he necessa y e alua ion c i e ia a he p e-seed le el ha can esul in a high-quali y and igh idea e alua ion? Wha a e he signi ican c i e ia ha mus be p io i ies in he e alua ion p ocess in o de o lea n om ailu e and conside hem as an in es men o he s a -up in a long un? The ollowing sec ion desc ibes he idea e alua ion p ocess o p e-seed s a ups and he global ends associa ed wi h i . The Li e a u e e iew ollows po aying he me hod used o apply hyb id e iew app oaches and in-dep h in e iews. The esul s and discussion ep esen he esul s o hyb id e iews and in e iews. Finally, he conclusions o e policy implica ions o bo h academicians as well as angel in es o s, en u e capi alis s, and p i a e equi y. 9 4. RESULTS 4.1. RESULTS OF NARRATIVE REVIEW The li e a u e a gues ha he de elopmen o an idea is a ci cula and i e a i e p ocess; an en ep eneu is p obably conduc ing he assessmen p ocess mul iple imes a di e en occasions du ing he de elopmen ; besides he e alua ion migh lead o he iden i ica ion o u he oppo uni ies o a angemen s o he p ima y insigh as well (A dich ili e al., 2003). Idea assessmen as he main p e equisi e o idea de elopmen is iden i ied as a p ocess ha consis s o bo h e i ying he idea and gene a ing new ideas o sol ing obs acles encoun e ed o p oblems expec ed o be aced, in he execu ion phase (Mum o d e al., 2003). The subs an ial expec a ion o idea e alua ion is o cu unce ain ies. Meije (2008) ound unce ain ies exis in ac o s such as go e nmen policies, echnology, compe i o s' mo emen s in he ma ke , exis ing supplie s, po en ial cus ome s, and equi ed esou ces (Tomy & Pa dede, 2018). E alua ing en ep eneu s’ ideas be o e he c ea ion o he company a he p e-seed le el is he mos c ucial s age as i es s he hypo heses o a business idea and u ns he hypo hesis in o a p oduc (Ebben& Johnson, 2006). F om a inancing cycle poin o iew, in a s anda d p e-seed ound, he co- ounding g oup (pe son) ecei es a small in es men o p oceed wi h some o he main miles ones equi ed be o e in es ing on he seed le el. A his phase, he mos common “p e-seed” in es o s a e he co- ounde s hemsel es. In he o he wo ds, co- ounde s inance hei company wi h hei own money, which means ‘boo s apping’. Al hough, he e is no gua an ee o a oiding bias and misunde s anding in he e alua ion p ocess he e a e some e alua ion me hods such as indi idual, expe g oups, and c owdsou ced o add ess he idea ion phase. As a solu ion, some expe s belie e ha he e alua ion p ocess can be implemen ed a ound ailed s a -ups o unco e mis akes (Nieminen, 2018). They belie ed ha i would be ough o di e o g ow he business wi hou conside ing hese key ail d i e s. In his line, a e e iewing many case s udies Ak e and Asi Iqbal (2020) ha e g ouped he ailed pla o ms’ easons in o h ee ca ego ies which consis o s a up o ganiza ional, business model inno a ion, and ecosys em. A his phase, s a ups a e e alua ed acco ding o di e en checklis s, sco e shee s, o c i e ia. None heless, he idea e alua ion p ocess a he p e-seed le el has been epo ed o be mo e challenging (Yo ie e al., 2019). Because idea e alua ion a his ini ial le el is one o he mos impo an checkpoin s o assu e he quali y o he gene a ed idea as i conside s s a egic oppo uni ies in he long- e m pe iod when assessing he ideas. To add ess his issue, i s , by e iewing he ailed business, he e would be a po en ial o imp o e he idea e alua ion p ocess as well. Second, ha ing a o mal checklis would answe how much he ideas will be assessed ai ly. Finally, a o mal e alua ion is in e es ed because o i s powe o he compa ison o ideas wi h one ano he , o supply a ai assessmen p ocess o idea gene a o s, and o aid s akeholde s by p o iding consis en in o ma ion o make hei decisions (Koen e al., 2002). The concep o ai ness should be conside ed in he expansion and co ec ion o an assessmen ool o he same eason ha ace alidi y and c edibili y a e measu ed. The e o e, in es o s, men o s, and business angels a e ying o use a amewo k ool o base hei assessmen on ai ness. Once s akeholde s see e alua ion as ai and meaning ul, eal pa icipa ion is mo e p obable, as opposed o ou wa d acknowledgmen o disengagemen . Fu he mo e, in o ma ion collec ed om one g oup can be used o modi ica ion o imp o e u u e ealiza ions o ai ness, which hen causes inc eases in he quali y o he ou comes (Tie ney, 2016). Thus, schola s a emp o ca ego ize idea e alua ion by explaining a ious a iables, heo ies, and easons o explain he complex condi ions ha con ibu e o he ailu e and success o an idea in he eal wo ld. To explo e all aspec s o idea e alua ion a he p e- seed le el, his s udy de ines ou s ages o he e alua ion p ocess om sel -assessmen , business angel, and men o poin o iew o e iew he li e a u e a a deep le el (Figu e 4-1). 10 . Figu e 4-1. Idea e alua ion p ocess 4.1.1. S age 0: Necessi ies o Idea ion Disco e ing necessi ies o idea ion is a s a ing line o new ideas. Since mos in en o s a en’ ma ke e s, a new idea o en needs someone o he han i s o igina o o mo e i along, while a dis up i e idea may be smo he ed a he beginning i he e is no assessmen ool o e alua e i easonably. This s age is i ally impo an as whe he he p og ession o a new idea o ailu e eason in u u e a e oo ed in his s ep and skipping his s ep can delay o e en sabo age he inno a ion p ocess. Be o e s a ing o hink abou any idea, some equi emen s should be conside ed o de eloping business ideas. Acco ding o he heo y o en ep eneu ial oppo uni y iden i ica ion and de elopmen , he idea needs o espond o h ee concep s as oppo uni y de elopmen , oppo uni y ecogni ion, and oppo uni y e alua ion (A dich ili e al. 2003). E alua ing he oppo uni ies aids en ep eneu s o an icipa e beyond he cu en ame o iden i ied oppo uni y o ecognize all he u u e aspec s o ha oppo uni y and he eby dec ease he isk o implemen a ion he idea. (K uege J , & Dickson, 1994) One equi emen o he idea ion is he possibili y o oppo uni ies disco e y as en ep eneu ial ale s in he communi y (Tomy & Pa dede, 2018). A quo e om Ray and Ca dozo (1996) says en ep eneu ial ale ness is ‘‘A p opensi y o no ice and be sensi i e o in o ma ion abou objec s, inciden s, and pa e ns o beha io in he en i onmen , wi h special sensi i i y o make and use p oblems, unme needs and in e es s, and no el combina ions o esou ces’’. To ind oppo uni ies we need o make su e whe he he idea is sensing o disco e ing he ma ke needs, i among he po en ial esou ces, o u ning he new “ i ” among o he needs and esou ces in o he business concep (A dich ili e al. 2003). To expand he oppo uni y iden i ica ion, we can e e o he geog aphical loca ion, socio-economic, and cul u e in he en ep eneu ship ecosys em as hey ha e a emendous in luence on he p ocess o idea e alua ion (Tomy & Pa dede, 2018). As an example, Michel Bloombe g ound he oppo uni y o cus ome need o p o essional ade s o ha e access o eal- ime da a when hey a e ading in he s ock ma ke , so he s a ed his own company in 1981 and in en ed he Bloombe g e minal in 1982 which b ough anspa ency o he capi al ma ke (McC acken, 2015). One o he oldes esea ch adi ions in idea e alua ion and in es men c i e ia is o p edic he pe sonal beha io o en ep eneu s (Sudek, 2006). The modi ied ai o his pa adigm gained he 11 consensus ha en ep eneu ial beha io and cha ac e is ics a e he d i ing o ce o s a up success, oppo uni y explo a ion, and na ional inno a ion sys em de elopmen . (Rauch & F ese, 2000). Sudek (2006) epo ed business angels belie ed ha he pe sonali y and cha ac e o en ep eneu s as us wo hiness, en husiasm, knowledge, and ack eco d o he en ep eneu need o be e alua ed a he mos ini ial s age. Likewise, A dich ili e al. (2003) belie e ha pe sonali y ai s, including c ea i i y and op imism, a e conside ed as a signi ican pa ame e in he idea de elopmen p ocess. Dimo (2007) e eals ha ‘need o achie emen ’, ‘locus o con ol’, ‘ isk p opensi y’, and ‘ ole ance o ambigui y’ a e ac o s ha di e en ep eneu s om gene al people o in es in hei idea. In line wi h a o esaid indings, Nikoloudis and his colleagues claimed ha in es o s conside he cha ac e o he en ep eneu , he compe ence and backg ound o he en ep eneu and handling eam, he p oduc / se ice, he ma ke , and inancial oppo uni ies be o e hey decide o in es in a gene a ed idea (Nikoloudis e al., 2017). Au io (2016) coun ed he ne wo k s uc u e as a pa ame e ha he en ep eneu mus expand his business based on ha a he ea ly s age. As a as ecosys ems including he social and he economic en i onmen a ec local o egional en ep eneu ship, he esou ces and inancial suppo a ailable in he en ep eneu ship ecosys em a e accessible h ough ne wo king wi h a wide spec um supply chain. In o mal connec ions wi h iends, amilies, colleagues and o he s as well as o mal connec ions, and collabo a ion wi h public agencies, economic de elopmen o ganiza ions, and la ge and p o essional es ablishmen s. Fu he mo e, ela ionships wi h suppo ing coope a ion such as lawye s and accoun an s, consul an s as well as sou ces o capi al p o ided by en u e capi alis s and angel in es o s (Dossou-Yo o, 2015). The e o e, e alua ion o en ep eneu s ne wo king beha io a he p e-seed s age is i al o managing he s a up’s isk in he u u e. F om a socie al and poli ical poin o iew, go e nmen s a e looking o enhancing ne wo ks be ween he en ep eneu s and en u e capi alis s a an ea ly s age, ha can be e ec i e in e ms o exchanging he expe iences and suppo o he i m g ow h (Au io & Rannikko, 2016). En ep eneu s who ha e expanded hei ne wo ks, succeed o disco e mo e oppo uni ies in compa ison wi h solo en ep eneu s. Simila ly, he quali y o connec ions in ne wo ks can ha e a signi ican e ec on elemen s like ale ness and c ea i i y (Hills e al., 1997). Acco ding o esea ch, “In o mal Inno a ion: En ep eneu ship and In o mal communi ies”, ac i e ne wo king has a decisi e impac on he business pe o mance in e ms o p o i abili y, e u n o in es men , capi aliza ion, and e enue g ow h (Gue ini, 2016). 4.1.2. S age 1: Gene a ing Idea In o de o shape a business idea, he en ep eneu s need o gene a e ideas conside ing some me ics ha lead o success and ha e a co e compe ency in he ma ke . In his s age, en ep eneu s will explo e oppo uni ies based on hei knowledge backg ounds and ne wo ks and hen emb ace he alue o esh in o ma ion (Shane, 2000). Rega dless o exis ing heo ies and academic s udies, he e is so much con en on he web ega ding how o gene a e s a -up ideas p o ided by en ep eneu s, business coaches, incuba o s, and in es o s. “Some imes you ind success when – and whe e – you leas expec i . you spend all you ime wo king ha d and inke ing wi h an in en ion in he ga age o plugging away on you compu e ying o come up wi h he nex g ea s a -up, and hen, boom, i jus happens” quo ed by Samson (2017). I is called “su p ise success” like Ube s o y. Mainly, hey a e sugges ing some ins uc ions o do a sel -assessmen by unde s o hei business idea. These ins uc ions no mally a e conclusions o o me success and ailu e o s a -ups ha a e ca ego ized s a is ically and ha e enough e idence. As an example, Bonda enko (2016) belie es ha sol ing a p oblem is he mos signi ican pa o s a -up idea gene a ion. He sugges s ha s a -ups should be buil a ound a p oblem ins ead o echnology. P ecisely, he solu ion-based app oach 12 needs o be subs i u ed wi h echnology acquisi ion as a solu ion and app oach. These e o s will lead o change a p oblem o he de elopmen o business oppo uni y ha desc ibed (A dich ili e al., 2003). Acco ding o he li e a u e, in he idea gene a ion phase, he p oblem needs o be e alua ed o ensu e whe he i is popula , u gen , g owing, expensi e, manda o y, and equen o no . Acco ding o he Y Combina o websi e, a p oblem will be changed o a business oppo uni y only i i has he cus ome 's pain inside and equency o acing a p oblem (Hale, 2019). The ques ion aised he e is o wha deg ee he idea could add ess he p oblem? To e alua e his deg ee, he ‘ ele ance’ elemen needs o be conside ed du ing he idea gene a ion p ocess (Mcca hy e al., 2018). In o he wo ds, he idea needs o i s , be applicable o ackle he p oblem clea ly and second o sol e i e ec i ely (Dean, e .al, 2006). “The ideas mus be no el—di e en om wha ’s been done be o e— bu hey can’ be simply biza e; hey mus be app op ia e o he p oblem o oppo uni y p esen ed” said Amabile (1997, p. 40). No el y is a undamen al ac o in he idea e alua ion p ocess as a deg ee o o iginali y and pa adigm ela edness (Eisenbe ge and Rhoades, 2001). The o iginali y de e mines how much he idea is a e o uncommon and hen, desc ibes he amoun o being imagina i e and su p ising (Ba ki and Pinsonneaul , 2001). Pa adigm ela edness is desc ibed as how o manipula e he elemen s and he ela ionship be ween he elemen s o each a no el idea (Mcca hy e al., 2018). In o he wo ds, whe he an idea changes o keeps a pa adigm, i mus be de e mined by new elemen s and ela ionships be ween he elemen s ha a e included in an idea (Dean e al. 2006). To e alua e no el y, he solu ion needs o be assessed and see whe he i is an elegan solu ion wi h he same elemen s and ela ionships o a ans o m wi h bo h new elemen s and ela ionships? As an example, he solu ion needs o imp o e he unc ionali y o he p oduc /se ice and/o enhance p oduc ion me hods like changing in ools and echniques o using so wa e and/o using a no el ma ke ing me hod and/o ha ing new business p ac ices in bo h in e nal and ex e nal ela ionships o he o ganiza ions. (Co ea & De Mou a Fe ei a Danile icz, 2015). Al hough assessing no el y is a necessa y i em bu no su icien a his le el, as he idea has a p omise o deli e ing alue o he a ge cus ome s, while i is no el and imagina i e. The alue p oposi ion is a p ecise co enan made by a company o i s cus ome s ha i will p o ide a speci ic package o bene i s (Hassan, 2012). As an ins ance, in High-Tech s a -ups, o he co-p oduc ion o s ong alue p oposi ions and collabo a i e de elopmen o new se ice o e ings, hey need o c ea e a be a e sion o he p oduc and use he eedback o adjus he alue p oposi ion (Molendijk, 2017). In his phase, he concep o he p oduc mus posi ion a compe i i e ad an age ha p o okes he ma ke o adop ha new p oduc (Ma insuo & Poskela, 2011). Fo sus ainable alue p oposi ions in s a -ups, cus ome needs and beha iou al change a e c ucial as economic and en i onmen al objec i es a e ma e . The e o e, he idea needs o be mo e desi able o he cus ome s hemsel es and ha can in luence hei beha iou s in a igh eous manne (Baldassa e e ., al, 2017). In Addi ion, he compe i i e po en ial a ises om he p emie p ice/pe o mance a ibu es and unique cha ac e is ics o he p oduc when i is compe ing in he ma ke (Coope , 1994). Mo eo e , p oduc sup emacy mus be disco e ed by he a ge ed cus ome s, so di e en ia ion o p oduc s is c i ical in he cus ome 's eyes (Shenha e al., 2001). Fo e alua ion alue p oposi ion, we should conside h ee ca ego ies o bene i s, a ou able poin s o di e en ia ion, and esona ing ocus (Ande son e al., 2006). All bene i s ype is a way ha o e s he mos possible alues o he cus ome s ega dless o consume beha iou o o he playe s in he ma ke . Then, he a ou able poin o di e en ia ion e e s o he si ua ion when he e a e some al e na i es o a speci ic p oduc o se ice and answe s he ques ion " why cus ome s should buy ou p oduc s ins ead o he compe i o 's?" Howe e , in a esona ing ocus ype, he supplie only ocuses on one o wo poin s o di e ence ha deli e he highes alue o ha cus ome a ge g oup. Blockchains’ s a -ups p esen wo ex ensi e alue 13 p oposi ions: he decen alized da a In as uc u e and membe ship managemen . A a mo e ad anced le el, many blockchain echnologies p o ide he in as uc u e o he au oma ion o business p ocesses as well as ading c yp ocu encies (Zu shi, G ilo, & Nodehi, 2021). The e o e, he alue p oposi ion pa ame e highligh s how he s a -up idea wan s o se e in he ma ke . A s udy om CB Insigh shows ha 42% o ailed s a -ups we e because hey couldn’ posi ion unique alues o hei p oduc in he ma ke (The Top 20 Reasons S a -ups Fail, 2019). Unique alue p oposi ion (UVP) as he whole bene i s use s ecei es om he p oduc including sen imen al eelings a e conce ned in his s ep o e alua ion (Bonda enko, 2016). Ai bnb and Ube a e examples o ha ing UVP. Fu he mo e, USP de ines how di e en he p oduc will be p esen ed o he cus ome s among compe i o s. Fo ins ance, ha ing ee cancella ion op ion on he Booking websi e o a ho el oom could be conside ed as a USP. Gi en he public sc u iny o global conce n ega ding he impac s o he ac ion on SDGs such as clima e change and social jus ice, we need o conside he sus ainabili y o he idea in he gene a ion phase. Success ul s a -ups use sus ainable and g een business ideas o add ess he p oblems o conce n. NielsenIQ has su eyed mo e han 81,000 Ame icans o e he pas i e yea s o be e unde s and he business beha iou ega ding his issue and e ealed ha 66% o global consume s a e willing o pay mo e o sus ainable p oduc s p ojec s and by 2021, he ma ke o sus ainable p oduc s in he U.S. will each $150 billion. (NielsenIQ, 2015). The sus ainable idea examples o s a -ups would be a ound ene gy audi ing, en i onmen al law, ai duc cleaning, eco- iendly ood supplie , manu ac u ing, o selling eco- iendly ashion design (Wood, 2021). The idea o C yp ocu ency s a -ups ou ed in sus ainabili y goals o help he plane in a way, like educ ion o cu ing ees o p oducing pape money, he e o e, hey ha e o e- hink abou sus ainable business p ocesses as well, o he wise, hey migh lose hei cus ome a en ion. A he end o his s age, we need o conside he ma ke p ospec o ou p oduc as he s a -up’s p ospec i e u u e pe o mance in an a o esaid compe i i e ma ke place. In he case o a s a -up, he idea mus ake an inno a i e and c ea i e app oach o make su e business idea ha e enough o hose people in he ma ke o pu chase i as well as a ge cus ome s a e no willing o pay wha you need hem o pay; o he wise, he idea will ail (IdeaBuddyTeam, 2020). In o de o ul il his c i e ion, he s a -up should c ea e a buye pe sona ha iden i ies he ideal a ge cus ome by asking such ques ions: Wha will mo i a e my a ge cus ome o pu chase my p oduc o se ice? Wha p ice will my a ge cus ome pay? Who a e my compe i o s? As a ailu e example, we can e e o Pinky Glo es s a -up in en ed a glo e o women o change hei pad du ing mens ua ion. Howe e , hey ha e been mocked o hei inabili y o e alua e he ma ke p ospec as i was absolu ely unnecessa y o women, en i onmen ally un iendly, and sexis (Be y, 2021). 4.1.3. S age 2: En iching Idea A e he idea gene a ion s age, he idea mus expand o espond o he exis ing unce ain ies and be eady o a inal ai e alua ion. This s age is c i ical as many ailu es o no el en u es a e he consequence o he incompe ence o he co- ounde s o handle he unce ain ies and manage hem which ha e a signi ican e ec on he inno a ion in en ions and mo emen s o en ep eneu s (Meije , 2008). Resou ce alloca ion including human and non-human esou ces is conside ed icky as iden i ying and planning he esou ces, e alua ion o human esou ces, and p epa a ion o eme gencies a e he necessa y elemen s in he en ichmen o he s a -up idea (A hu aliya, 2021). Unce ain ies can be managed by c ea ing echnical esou ces and enhancing capabili ies o an icipa e, in e p e , and lea n (Zack, 2001) which a e di ided in o ex e nal and in e nal g oups. The in e nal en i onmen co e s he abili y o p o ide inancial and expe human esou ces, while ex e nal unce ain ies a e echnological and poli ical compe i ion in he ma ke . 14 Building eamwo k as he main d i e o de elopmen is a key challenge ha ea ly-s age s a -ups ha e o cope wi h o en iching he idea concep ualiza ion when hey wan o launch o he ma ke o he i s ime. Speci ically, li e a u e signi ican ly alues his s ep o cu ing-edge p oduc s such as so wa e and high- ech s a -ups (Gia dino e al., 2015). The easoning poin s a e as ollow: a) he eams ein o ce he esolu ion o challenges ha independen ly would no be o e come, b) eamwo k is eme ge in he con ex o en ep eneu ship p ocess as well as launch and g ow h in seed le el c) social ne wo k, ela ionship and economic con ex wi hin he s a -up eam empowe hem o deal wi h unce ain y and eloci y and limi ed esou ces. Also, om a en u e capi alis poin o iew he supe io i y o he execu ing eam in su i abili y, and openness is signi ican as be ween 60- 65% o ailu es p oblems wi hin he s a -up eam (Laza e al., 2020). As an example, A hu Rock, a amous en u e capi alis quo ed ha “Nea ly e e y mis ake I' e made has been in picking he w ong people, no he w ong idea” (Byg a e & Timmons, 1992, p. 6). Despi e he ich li e a u e in he oppo uni y e alua ion p ocess in en ep eneu ship, only a limi ed numbe o s udies classi ied he ex e nal unce ain ies in ol ed in p e-seed s a -ups. To add ess echnological unce ain ies, i is necessa y o e alua e echnological de elopmen , inno a ion speed, p ocess and me hods, and echnological in as uc u e (Tomy & Pa dede, 2018). Fo example, ime o en e he ma ke is one o he i al elemen s in he success o s a -ups which can be managed/assessed by inno a ion speed ha enables hem o en e he ma ke as e han hei compe i o s. En ep eneu s also need o make su e ha hey ha e accessibili y o he ongoing echnology and hei s a -ups a e compa ible wi h he echnological shi . As echnological unce ain y means ha he p obabili y o achie ing a pa icula goal canno be de e mined in ad ance based on a ailable echnological knowledge, an en ep eneu should desc ibe how many echnological in as uc u es a e a ailable o hem. Fo example, pandemic 2020 almos bank up ed ai lines, ho els, and ene gy companies, ye Silicon Valley is s ill d i ing inno a ion, and s a -ups like Ai Ga age, Capella Space a e among he bes s a -up companies in Ame ica ha ha e ne e seen mo e cus ome s han now (FUNDZ, 2021). Poli ical unce ain y also e e s o he unknown ci cums ances ega ding he go e nmen al policies, legi ima e ins uc ions, and hei u u e s a egies o manage in la ion and exchange a es, ec ui men laws, axa ion, e c. Compe i i e unce ain y is he lack o knowledge abou he compe i ion in he ma ke in e ms o he compe i o s, hei p oduc s, and s a egies (Milliken, 1987). Cus ome Unce ain y de ines as a lack o awa eness in e ms o cus ome accep ance and demand con empla ing he no el echnology. Fo example, go e nmen s obliga e businesses o inc ease he sala ies o hei labo e s o adjus o he in la ion a e. Thus, s a -ups wonde i hey can a o d ha o ce aise o ha e o elease hei employees (Lazza o, 2020). To add ess ex e nal unce ain ies, alloca ion o budge ese e and es ablishing o sho e zones a e assessmen c i e ia. likewise, he geog aphical loca ions, he socio-economic and cul u al elemen s ha e a c i ical e ec on he en ep eneu ship p ocess in bo h de eloping and de eloped coun ies, (Voung, 2016). In e ms o inancial c i e ia, e enue po en ial, g ow h a e, e u n o in es men (ROI), and p o i ma gin o he business a e he mos impo an pa ame e s o business angles o assess he idea concep ualiza ion (Sudek, 2006). Mo eo e , S e ano ic e al. (2015) added sales olume, a e o e u n, and payback ime as inancial a ibu es ha should be ga he ed du ing he idea e alua ion p ocess. Homejoy was a s a -up ha was es ablished in 2013 and aised $ 38 million. Among se e al easons, he expec a ion o apid g ow h was he main eason o ailu e. Because jus a e six mon hs, i had b anched in 30 ci ies ha caused a lack o s abiliza ion o main aining he business (Gilmano , 2020). Subjec s like Po en ial ma ke size, Ma ke segmen a ion, ma ke condi ion, pu chasing abili y o po en ial cus ome and pu chase beha iou need o be e ined and p e-planned in his s age (Tomy & Pa dede, 2018). E en hough, design, packaging, wa an y, main enance, and p oduc ion cos s as main pa ame e s in he p oduc s a egy a ea will be assessed in his phase (Rebe nik e al., 2008). In 15 Vie nam, a social comme ce s a -up is called Mio ound a gap ha o he exis ing playe s in eselling g oce ies ma ke ha e ocused on la ge ci ies, so Mio pu s i s ma ke ing segmen a ion on smalle ci ies and u al a eas by c ea ing a ne wo k in as uc u e and o e ing deli e y on nex day (Shu, 2021). Nex , he idea should be en iched by documen ing he necessa y esou ces o cla i y he whole logis ics and budge plan. Delma and Shane (2003) belie e ha nascen s a -ups ha ha e done he planning a he ea ly s age a e capable o p edic ing con ingencies and hen, ecognizing c i ical unclea in o ma ion o make be e decisions. In o he wo ds, e e y gene a ed idea will be enhanced in e ms o in as uc u e and knowledge esou ce, unde s anding he cus ome needs p ecisely, and ha ing a s a egy o an icipa e compe i o ’s mo emen s (Sääksjä i & Hellén, 2019). 4.1.4. S age 3: Idea Feasibili y Once he idea is en iched and documen s a e p ope ly p epa ed, he men o s, e alua o s, o in es o s could ead i and do he easibili y calcula ions o e alua e he idea in gene al. P ecisely, hey will check o wha ex en he gene a ed idea is wo kable o easy o implemen (Dean e al., 2006). A his inal s age o e alua ion, he e alua o iden i ies he speci ica ion deg ee in which he business plan is comple ed and p o ided da a in de ail. In o he wo ds, easibili y assessmen is consis ing o accessibili y o esou ces, conside ing how much he idea is accep able in e ms o law, social aspec s, and poli ics, and inally calcula ing Implemen abili y (Ve haegen e al., 2013). likewise, Bo hos e al. (2008) belie e ha he easibili y p ocess mus be done in economic, ecological, echnical, and o ganiza ional a eas. Cady and Valen ine (1999) de ine he quali y o an inno a i e idea as he powe in sol ing a p oblem and hen, adop ing i success ully by an o ganiza ion. In o he wo ds, his phase will illumina e whe he he idea applies o he s a ed p oblem and he s a -up’s solu ion is e ec i e a sol ing he p oblem o no (Mcca hy e al., 2018). Fu he mo e, he ideas mus be accep able, means should no iola e he common es ic ions in e ms o adap ing he laws, go e nmen policies, economic si ua ion, and cul u al aspec s (Tomy & Pa dede, 2018) o assu e e e y hing is legal and welcomed o di e en socie ies. Fo ins ance, co- ounde s mus pay e-check all in ol ed legal depa men s be o e choosing he company name o p e en adema k, domain, and pa ien issues (Miaskiewicz, 2021). A p o essionally gene a ed and en iched idea pe suades business angels o en u e capi alis s o in es in ha de eloping p ojec . Howe e , he c i e ia ha business angels conside o in es ing in an idea a e di e en om he ones ha idea gene a o s hink abou due o inancial consequences. In line wi h his ac , ega dless o how much he idea is echnically easible, he e a e some o he pa ame e s like he deg ee o eadabili y which idea gene a o s should conside con incing he men o s. Kla e (1963) de ines eadabili y as ease o comp ehension o ex based on i s w i ing s yle. Blohm e al. (2016) belie e he eadabili y o ha ex is c i ical because he ideas a e ep esen ed h ough ex . Mo eo e , a s udy by Tan e al. (2014) shows ha eadabili y a ec s he ela ionship be ween he p esen a ion o inancial o ecas s and he in es o s’ unde s andings. Men o s can judge be e when he ideas a e mo e unde s andable. Fo example, he business plan mus ha e clea 3–5-yea inancial p ojec ions which mus con ain p o i and loss s a emen s, balance shee s, needed cash low, e c. (Ha och, 2018). En ep eneu ship and inno a ion a e he engines o economic g ow h and socie al p og ess. Follow he Ne wo k o Business Sus ainabili y – people dedica ed o making business mo e sus ainable and s a -up sus ainabili y is he ex en ha a s a -up does business in an eco- iendly way. Among e iewing o how we un a s a -up, global ma ke s ha e begun emb acing sus ainabili y as an in eg al pa o he s a egy and a d i e o p o i abili y and pace o g ow h. Assessmen o business sus ainabili y is signi ican o in es o s and business angels due o se e al easons. Fo example, Tesla has s opped accep ing Bi coin o i s ade because Bi coin mine s use ossil uels o p oduce elec ici y o mining Bi coin (A iyeh, 2021). 16 Fi s , sus ainabili y p esen s oppo uni ies; o example, ‘Dubai-based Liquid o Li e’ applied an inno a i e echnology ha gene a es d inking wa e om ai which is a sus ainable and cos - e ec i e solu ion o mee he g owing demand o high-quali y d inking wa e in he A ab wo ld (3BL Media, 2014). Second, Sus ainabili y manages isk. Gi en he global in es iga ion o global. Thi d, Sus ainabili y is essen ial o compe i i eness. 4.2. RESULTS OF SYSTEMATIC REVIEW Da a we e e ie ed om 30 pe inen jou nal a icles published on he web o sciences da abase wi h keywo ds such as idea e alua ion, en ep eneu ship, idea de elopmen model, idea gene a ion model, idea ion model, and idea e alua ion model. The domain o e ie ed s udies has been limi ed o mo e ele an a eas such as managemen , social science, business, and business inance. 30 s udies ha e been selec ed a e e iewing 600 s udies in all keywo ds. All he selec ed s udies include some c i e ia o idea e alua ion which a e lis ed in able 1. Ex ac ed idea e alua ion c i e ia we e en e ed in o excel 365 sp eadshee s o analysis. The ypes o ex ac ed c i e ia a e as ollows: 1. Summa y o idea e alua ion c i e ia based on he web o knowledge ca ego y a icles. 2. F equency o 37 idea e alua ion c i e ia in he s udy 3. Clus e ing and me ging idea e alua ion c i e ia in o 15 c i e ia ca ego ies. 4. F equency o inal c i e ia in ou phases o he idea e alua ion p ocess. E alua ion c i e ia used in his s udy a e summa ized in able 4-1. The esul s o sys ema ic e iew in s a -up idea e alua ion e ealed ha he e a e mo e o less 40 c i e ia used o assess ideas a he p e-seed le el. Acco ding o able 1, he pe sonali y o he ounde is called c i e ion (1). Then, Ne wo king is called alue (2). Nex , oppo uni y iden i ica ion is coun ed i em (3). No el y, o iginali y o he idea, and pa adigm ela edness c i e ia we e me ged and labelled o no el y (4). Then, C i e ia social impac , ision, e ec i eness, ele ance, and economic e iciency we e me ged and labelled o ele ance (5). Communica ion po en ial, ma ke p ospec s, and se ice po en ial a e ca ego ized as ma ke p ospec c i e ia (6). A e ha , unique selling p oposi ion, ease o use o he cus ome , alue p oposi ion, and use ulness we e me ged o alue p oposi ion (7). Then, a ailabili y o equipmen and ma e ial, access o human esou ces, and managemen eam me ged in o esou ce a ailabili y (8). Nex , ini ial in es men , e u n o in es men , and g ow h a e is labelled as inancial c i e ia (9). Implemen a ion ime, ime o ma ke and p oduc s a egy a e me ged o ma ke ing s a egy (10). Sus ainabili y coun ed is coun ed as ano he c i e ion in idea e alua ion (11). Then, he quali y o an idea, echnical easibili y, wo kabili y, and ease o implemen a ion we e me ged o wo kabili y (12). Speci ici y, comple eness, and ease o unde s anding we e labelled as speci ici y (13). La e , pa en s and law, poli ics and law we e me ged o poli ics and law c i e ia (14). Mo eo e , he e is a c i e ion ha e e s o he en i onmen , cul u e, and economical aspec s ha a e called business sus ainabili y (15). Finally, isk analysis is named isk assessmen (16). 17 S udy Name / C i e ia (Be g, 2016) (Mcca hy e al., 2018) (Kennel e al., 2013) (Dona a & Zhou, 2017) (Sääksjä i & Hellén, 2019) (Bocken & Snihu , 2020) (Ve haegen e al., 2013) (Dziallas, 2020) (Gab iel e al., 2016) (Sudek, 2006) (Nikoloudis e al., 2017) (A dich ili e al., 2003) (Dimo , 2007) (Sukho , 2018) (Messe le e al., 2013) (S e ano ić e al., 2016) (Blai & Mum o d, 2007) (Au io, 2016) (Lone gan e al., 2004) (Tomy & Pa dede, 2018) (Milan S e ano ić e al., 2016) (Schulz e al., 2015) (S e ano ic e al., 2015) (Blohm e al., 2011) (Rebe nik e al., 2008) (D. Dean e al., 2006) (F anke e al., 2008) (Ha e al., 2003) (Co ea & De Mou a Fe ei a Danile icz, 2015) (Rie zschel e al., 2010) No el y × × × × × × × × × × × × × × Use ulness × × × × O iginali y × × × × × × × × × × Oppo uni y Iden i ica ion × × Quali y × × × × × × × E ec i eness × × × × Ma ke P ospec s × × × × × × × × × × × × × Implemen a ion ime × × Ini ial in es men × A ailabili y o equipmen × × 18 S udy Name / C i e ia (Be g, 2016) (Mcca hy e al., 2018) (Kennel e al., 2013) (Dona a & Zhou, 2017) (Sääksjä i & Hellén, 2019) (Bocken & Snihu , 2020) (Ve haegen e al., 2013) (Dziallas, 2020) (Gab iel e al., 2016) (Sudek, 2006) (Nikoloudis e al., 2017) (A dich ili e al., 2003) (Dimo , 2007) (Sukho , 2018) (Messe le e al., 2013) (S e ano ić e al., 2016) (Blai & Mum o d, 2007) (Au io, 2016) (Lone gan e al., 2004) (Tomy & Pa dede, 2018) (Milan S e ano ić e al., 2016) (Schulz e al., 2015) (S e ano ic e al., 2015) (Blohm e al., 2011) (Rebe nik e al., 2008) (D. Dean e al., 2006) (F anke e al., 2008) (Ha e al., 2003) (Co ea & De Mou a Fe ei a Danile icz, 2015) (Rie zschel e al., 2010) A ailabili y o aw ma e ials × Human esou ce a ailabili y × × × Technical Feasibili y × × × × Vision × Pa adigm ela edness × × × Wo kabili y × × × × × × × × × × × × Rele ance × × × × × × × Speci ici y × × × Unique Selling P oposi ion × × Ease o use o cus ome × 25 “Imagine he e a e some ounde s ha ha e solid knowledge in a i icial in elligence and p og amming. Then, hey a e going o c ea e a s a -up in he medical ma ke . Howe e , hey ha e no wo ked in he medical ma ke and ha e no idea abou how hei solu ions would help doc o s and pa ien s o how he in e ela ionships a e wo king in he medical indus y. Would hey be success ul?” In e iew ou pu s a e compa ible wi h he cha ac e is ics o s a -up ounde s desc ibed by Fo bes ha a e a deep and na ow ocus, ue domain expe ise, clea ision, cul u al leade ship, and esilien esou ce ulness (Ca bona a, 2021). 57.14% o he in e iewees ha e con i med he impo ance o esou ce a ailabili y as an essen ial pa ame e in e alua ing no el s a -ups. Resou ce a ailabili y is consis ing o human esou ces, eam managemen challenges, ma e ial accessibili y, and ha ing access o he necessa y echnologies. “Team membe s should be able o comple e one ano he o co e all sides o he business, o he wise, hey ge ail soon” quo ed by in e iewee #3. Ano he in e iewee belie es ha in es o s do no in es in an idea unless he e is a solid eam behind i . In e iewee #5 named alues, passions, us abili y, and sha ing mindse as main ac o s o ha ing a good eam. Mo eo e , he belie ed 80% o s a -up ailu e is because o eam managemen p oblems, he e o e e alua ing eam quali y mus be done obsessi ely. Howe e , an a icle om Fo bes shows ha only 35% o main ail easons belonged o people, eams, and cul u e; easons a e no ha ing a solid eam on boa d o de elop a minimum iable p oduc (MVP), lack o alignmen be ween ounde s and/o in es o s, and lack o passion o ounde s which cause o ailu e (Yohn, 2019). One o he key ques ions in S a -up Lisboa o accep a s a -up idea is whe he he eam is able o implemen he p ojec success ully elie ed by one o he in e iewees who an idea e alua o a S a -up Lisboa is. Fu he mo e, ha ing easy access o solid human esou ces, ma e ials, and echnology is one o he conce ns ha mos o he in e iewees men ioned o e alua ing a business idea. Rele ance subjec has been named among 50% o in e iewees as a ac o ha mus be conside ed du ing he idea assessmen p ocess. One o he in e iewees who is a s a -up coach belie es ha he social impac o a business idea mus be conside ed du ing he idea gene a ion s age ega dless o e enue and p o i abili y calcula ions. Besides, in e iewee #6 men ioned ha when we a e e alua ing an idea, we need o ask ou sel es “Is his idea sol e he eal p oblem? This poin o iew is compa ible wi h he quo e om Da e Sloan, ounde o T eehouse Logic, a pionee isual p oduc con igu a o pla o m o e ails said ” S a -ups ail when hey a e no sol ing a ma ke p oblem. We we e no sol ing a la ge enough p oblem ha we could uni e sally se e wi h a scalable solu ion” (Bu gess, 2019). The nex c i e ion in ma ke ing s a egy is men ioned in 50% o in e iews. In e iewee #1 belie es en ep eneu s need o ha e a cus ome poin o iew when hey a e analysing he p oduc p ice by asking he ques ion ha how much he cus ome is willing o pay o he p oduc . Mo eo e , ano he in e iewee hinks ha i is impo an o ha e se e al ma ke ing plans based on analysing he ma ke esea ch epo be o e en y in o he ma ke . On op o ha , he as a s a -up e alua o belie es ha he ma ke ing s a egy i sel is mo e signi ican han he idea. I means ha he idea could be some hing simple, bu he way ha en ep eneu s p esen i ma e s. An a icle epo s ha 20% o s a -ups ail due o ha ing a w ong ma ke s a egy which leads o being ea en by a bigge o mo e well-known compe i o ; Consequen ly, o he playe s o e a be e cus ome expe ience and win he ally (Bu gess, 2019). The nex mos equen c i e ion men ioned by in e iewees is ne wo k in as uc u e (42.86%). “Ne wo king could u n a pe son in o an en ep eneu and depends on you people a ound. I hey a e mainly employees, you migh no da e o come o c ea e you own business” said in e iewee #7. In addi ion, ano he in e iewee belie es ha ne wo king is he mos impo an pilla in s a ing and main aining he business because ounde s mus wa ch ou o cus ome s, compe i o s, pa ne s, and gene ally, hey should know wha is happening in ha indus y. Besides, ne wo king aims o inc ease publici y and wo d o mou h abou you business, and i can lead o inding ideal in es o s. 26 Ghalumyan (2020) belie es ha ne wo king is essen ial o en ep eneu s because i b ings mo e oppo uni ies, ad ice, new businesses, imp o es pe sonal p o ile, and iendship. In o he wo ds, ne wo king is a key o success, especially in he s a -up ma ke . Then, he isk assessmen has also epea ed in 42.86% o in e iews. Pa ame e s like how much he idea is easible, desi able, and iable a e one he isks ha mus be calcula ed be o e s a ing o e a business. The isks ha named in one in e iew a e: • Show ha he eam can de elop he p oduc in on o in es o s. • Analysing he u u e isks and pa h o bo h local and in e na ional alida ion. • Risk o ma ke access • Access o alen s • Access o capi al One mo e isk ha was men ioned du ing in e iews was he isks o he eam membe s. Mainly eams ha e he appe i e o ake he isks a he beginning, howe e , when hings go w ong, hey beha e di e en ly abou ha and i could cause sepa a ion, a gumen s, o e en ailu e o he business. The e o e, i is be e o discuss he consequences o aking isks as well as he expec a ion o eam membe s abou loyal y and main aining he business be o e s a ing o e . In e iewee #7 alked abou oppo uni y cos isk. I means ha he ounde needs o e alua e i he e is a be e business idea o de elop a he han he cu en idea. Ano he isk could be a lack o knowledge o di ec ing a business which could cause ea ly ailu e. One in e iewee as a business coach belie es when some ounde s s a a high- isk business, i is be e o in o m hem abou he isks because ea ly ailu e is be e han was ing ime, money, and esou ces. The es o he c i e ia we e also men ioned du ing in e iews. Fo ins ance, in e iewee #14 belie es ha in B2B’s pe spec i e, he alue p oposi ion is c ucial a he han social impac o no el y. Mo eo e , one mo e ques ion ega ding esou ces asked by in e iewee #1 was how much ime a eam wan s o spend on a p ojec ? Does i wo h i o no ? I ecalls how much esou ces a e needed o alloca e o a p ojec . In e iewee #5 hough ha you migh ha e a good idea o de elop, howe e , you p oduc may be mo e expensi e han exis ing p oduc s in he ma ke . The e o e, i is c ucial o conside he inancial c i e ia be o e ma ke en y. Mo eo e , based on he in e iewees’ expe ience, each o hem mainly highligh s a couple o c i e ia mo e han o he s. Figu e 4-8 illus a es he op wo c i e ia men ioned by each in e iewee. Su p isingly, esou ce a ailabili y ha includes subjec s ela ed o eam managemen is dominan among all c i e ia(21.4%). In e iewee #3 belie ed he e is no good idea wi hou ha ing a good eam behind. The e o e, en ep eneu s mus know hei eam quali y will be e alua ed be o e hei idea. The nex c i e ion is ma ke p ospec s ha men ioned 17.9%. Again, many in e iewees conside he ma ke need and willingness o he cus ome o pu chase he p oduc o se ice o ake p ecedence o e o he c i e ia. The pe sonal backg ound o he en ep eneu was he hi d mos equen pa ame e among in e iewees (10.7%). Ambi ion, encou agemen , and knowledge o he en ep eneu we e he i al adjec i es men ioned by in e iewees. 27 Figu e 4-8 Top 2 idea e alua ion c i e ia men ioned by in e iewees In addi ion, he necessi y o ha e a solid amewo k o idea e alua ion was discussed by in e iewees. Figu e 4-9 demons a es he dis ibu ion o o es. 28.6% o in e iewees we e agains ha ing a amewo k o idea e alua ion. Fo ins ance, in e iewee #1 belie es ha we canno gene a e a amewo k ha is applicable o all indus ies. Also, in e iewee #5 hinks he amewo k con ains oo many c i e ia which a e no necessa y a he beginning. Howe e , mos in e iewees con i m ha we need o o ganize he idea e alua ion by making a checklis ull o pa ame e s. Because i o ces en ep eneu s o conside all he aspec s o he business as much as possible be o e spending oo much esou ces and ime. The e o e, he necessi y o ha ing a amewo k o idea e alua ion was con i med by he majo i y o in e iewees (71.4%). Figu e 4-9 In e iewees o e o ha ing an idea e alua ion amewo k 28 4.4. FRAMEWORK Based on he li e a u e and con i ma ion o in e iewees, he s udy sugges s a amewo k ha is consis s o ou s ages om idea gene a ion o idea e alua ion which was con i med by expe s as well. The e o e, he s ages o idea e alua ion could be shaped in ou le els: ▪ Le el 0: Necessi ies o idea ion ▪ Le el 1: Idea gene a ion ▪ Le el 2: Idea en iching ▪ Le el 3: Idea e alua ion A le el 0, i is needed o calcula e how much he en i onmen and ounde s a e i o s a ing a new business. The pe sonali y and p o essional backg ound o ounde s, and he ma u i y le el o he exis ing ecosys em ha ounde s wan o wo k on ha e hei impac a he ini ial poin . Wi hou ha ing a ha d-wo king, pa ien , and business-o ien ed mindse , he ounde s will no ge succeed. Mo eo e , he ounde s mus conside whe e hey a e doing he business. Because a business idea could ha e di e en des inies in each coun y. Fo ins ance, a eam migh come up wi h an idea abou p oducing elec onic ca s, howe e , he coun y ha hey wan o sell ha ca is amous o i s oil and gas esou ces. In his case, he eam iden i ied he oppo uni y igh ly based on global need, al hough hey ha e picked up a w ong place o de elop hei idea. A le el 1, he s udy has ound essen ial c i e ia o gene a ing business ideas in o de o di ec he en ep eneu s in o hinking igh ly and conside all aspec s o ini ia ing a business. Pa ame e s like no el y, ele ance, ma ke p ospec s, and alue p oposi ions a e i o his s age o explo e deeply. In e ms o no el y, he s udy concluded ha an inno a i e idea could be success ul when i is eally easible, bu i is no manda o y. Besides, he impo ance o no el y is o gi e mo e alue o cus ome s a an a o dable p ice. Fo ins ance, Sma manu ac u es small elec ic ca s a an a o dable p ice which deli e s lo s o bene i s o i s cus ome s. In addi ion, hese days concep s like social en ep eneu ship a e endy which means when ounde s a e gene a ing business ideas, hey need o conside social o economic impac s. Fu he mo e, he s udy concludes ha he ounde s need o pay a en ion o he cus ome needs a he gene a ing s age. In sho , ounde s mus ha e a cus ome -o ien ed mindse ins ead o p oduc -o ien ed. Then, a le el 2, he s udy has in es iga ed he necessa y pa ame e s abou how en ep eneu s could en ich hei idea by doing esea ch and analysing he p os and cons o he gene a ed idea. In o he wo ds, his s age is supposed o make he gene a ed idea lean. The e o e, his s age includes ac o s like esou ce a ailabili y, inancial c i e ia, ma ke ing s a egy, and idea sus ainabili y. The whole idea o his s age is o p o ide and o an icipa e all he necessa y esou ces o de eloping a business idea. Ha ing a good eam wi h he same business ision and di e se capabili ies o suppo he whole aspec s o he business is i al, o he wise, he business would ail in a sho - e m pe iod. Besides, he ounde s mus ha e a speci ic ma ke ing s a egy and di e en inancial o ecas s, especially when hey wan o pi ch hei idea and ask o und om business angels o en u e capi alis s. Finally, a le el 3, idea e alua ion c i e ia we e explo ed by he s udy in o de o demons a e how a gene a ed business idea could be assessed. Elemen s such as wo kabili y, speci ici y, poli ics and law, business sus ainabili y, and isk assessmen a e conside ed o he idea e alua ion s age. When he ounde s ha e ga he ed enough in o ma ion abou necessa y esou ces and p epa ed he ma ke ing and managemen s a egies, hen an idea e alua o , o a business coach o e en an in es o could assess he idea and see whe he i is wo kable o no . Then, e alua o s mus conside he business sus ainabili y as a signi ican pa ame e du ing he assessmen . Because i can gua an ee he li e o he business. Fo example, i some ounde s come up wi h a p oduc ha emissions a la ge amoun 29 o CO2, e en i he business is p o i able, he e is no u u e o ha due o law es ic ions ha will come in he u u e. Thus, he inal amewo k o idea e alua ion is he igu e 4-10: Figu e 4-10 F amewo k o idea e alua ion c i e ia a he p e-seed le el The amewo k consis s o gene al c i e ia ha would be applicable o many business a eas, howe e , in some indus ies, i migh be needed o add mo e pa ame e s especially pa ame e s ela ed o manu ac u ing and quali y. In addi ion, ha ing an idea e alua ion amewo k can b ing en ep eneu s, business coaches, men o s, and in es o s o he same page and can inc ease he unde s andabili y o one ano he . Besides, i enligh ens he u u e pa h and challenges ha an en ep eneu migh ace. Rega ding he dis ibu ion o c i e ia among ou s ages, a e e iewing he li e a u e, he s udy concludes ha since idea de elopmen is a s ep-by-s ep p ocess, i is be e no o design a can as ha e e y hing mus be e alua ed a one le el. Mo eo e , he s udy has added a le el ze o o analyse he p econdi ions o ha ing a success ul idea de elopmen p ocess by e alua ing he 30 pe sonal backg ound o he en ep eneu , ne wo king in as uc u e, and he chance o iden i ying a business oppo uni y in ha communi y. In e ms o unc ionali y, his amewo k can be used o sel -assessmen , open idea compe i ions, und aising, and ad ising. Also, he weigh o each c i e ion can be ex ac ed and be gi en o compu e s. Then, by implemen ing he machine lea ning (ML) echnique and e alua ing se e al ideas, he model can be en iched mo e and mo e. Finally, he model would be able o e alua e ideas solo o compa e o one ano he and gi e a epo o uniqueness, isks, success chance, o necessa y budge . Howe e , o ha e a mo e accu a e esponse om he compu e model, we need o add mo e pa ame e s a he sub-le el o c i e ia. 31 5. CONCLUSION This s udy has se e al con ibu ions o explo e he c i ical c i e ia in he idea e alua ion p ocess o a s a -up idea a he ea ly s age. The s udy applied a mix-me hod o na a i e and sys ema ic e iews, hen i ollowed by using he quali a i e me hod. The i s con ibu ion was he na a i e e iew ha he s udy explo ed he mos signi ican ac o s ha in ol e in a s a -up idea de elopmen by e iewing bo h academia and he eal ma ke . second, some examples o ailed s a -ups ha e been explained in o de o highligh he main eason o hei ailu e. Thi d, a sys ema ic e iew o 30 a icles published in s a -up ideas has been done o in es iga e he mos equen c i e ia in he idea e alua ion p ocess. The esul o he e iew e ealed a amewo k wi h ou s ages. Then, he explo ed c i e ia ha e me ged and dis ibu ed among hese s ages p ope ly. Fi h, by conduc ing quali a i e in e iews wi h expe s, business coaches, and en ep eneu s, he s udy examined he ini ial amewo k in o de o ecei e eedback om in e iewees o modi y and inalize he ini ial amewo k. These ex ac ed pa ame e s a e conside ed he i s s ep o ecognize all he in ol ed c i e ia in he idea e alua ion p ocess, howe e , he li e a u e, as well as in e iews, p o ed ha some ac o s a e mo e impo an han o he s. Thus, his s udy is he i s s ep in he oadmap and calls o u he esea ch o each a ull mechanism ha could ge help om a i icial in elligence in o de o e alua e business ideas. Acco dingly, his s udy calls o mo e esea ch o in es iga e which c i e ia a e mo e impo an , o de elop he amewo k in o a ma hema ical and p og amming model ha can be used by compu e s. As an example, once he e is an idea compe i ion and a la ge numbe o ideas should be e alua ed, he e is a possibili y ha poo unde s anding, bias, o o he kinds o human e o s migh cause low sco es o ha idea. As a esul , some good ideas migh ejec by men o s, and hen, he ounde s decide no o con inue wo king on hem. Rejec ing an idea wi h he w ong indexes can cause killing p oduc i i y, inno a ion, o mo i a ion. One solu ion o manage his could be he mechanism ha Blohm e al. (2016) de eloped; I is an IT-enabled assessmen mechanism ha can e alua e ideas based on de ined me ics. All c i e ia ha e hei weigh , bu he amewo k is s ill open o adding new pa ame e s. A i icial in elligence is an eme ging opic and soon will be able o pe o m decisions be e han humans. Howe e , in a mo e complex and c ea i e con ex such as alida ing he inno a ion, he ques ion emains whe he machines a e supe io o humans. In e ms o he ailu e a e o s a -ups, he s udy concludes ha ailu e in a s a -up is una oidable. B eaking down is he na u e o a s a -up, howe e , by ha ing a s anda d amewo k ha examines he business ideas, ounde s can unde s and wha hei isks and weaknesses a e. As an example, being oo inno a i e o p oduc -o ien ed could lead s a -ups o inc ease hei expenses o no ha e a en ion om cus ome s and consequen ly, he business b eaks down. The e o e, a amewo k wi h comp ehensi e c i e ia ha allows e alua ing a business idea om di e en angles could educe was e o ime, money, and human esou ces. In addi ion, he s udy calls o u he esea ch o in es iga e he ailed s a -ups and in e iew ailed ounde s o explo e he causes o ailu e. Because i aids o collec mo e da a abou weaknesses and h ea s o s a -ups and has lessons lea ned o sha e wi h new ounde s. Fo ins ance, many s a -ups a e ailing because o di e en mindse s among ounde s. Founde s migh ha e a di e en appe i e in e ms o ision, wo k and li e balance, o money appe i e. These causes could be documen ed and ans e ed o new idea de elope s o inc ease hei knowledge abou business ups and downs. Mo eo e , ha ing such amewo ks could aid ounde s o conduc a sel -assessmen be o e any s a . In o he wo ds, ounde s can ake bene i om he c i e ia and ha e hem as a checklis in o de o make su e ha hey conside e e y hing be o e consuming any esou ces. The goal is o ha e easible plans and a ional answe s o each pa ame e o p e en ailu e in he u u e as much as possible. 32 6. LIMITATION This s udy has been implemen ed du ing he Co id 19 pandemic. Consequen ly, he e a e wo ypes o limi a ions ela ed o lockdown. Fi s , i wasn’ possible o conduc he in e iews in pe son and ha e he p obabili y o alk o expe s, and en ep eneu s du ing e en s o collec mo e da a. Second, many en ep eneu ship ac i i ies aced massi e challenges du ing his pandemic such as closing he business, pos poning he launching, laying o employees, cu ing he suppo i e budge s om go e nmen s, and losing cus ome s. As a esul , he s a is ics ela ed o 2020 and 2021 a e no ollowing he p e ious pa h and a e mo e likely o eco e om a inancial c isis. The e o e, he s udy calls o u he esea ch o in es iga e mo e in ol ed c i e ia o idea e alua ion, especially du ing c ises. 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