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.
In addi ion, since some c i e ia a e conside ed mo e c ucial han o he s, he s udy calls o u u e
esea ch o ind he key elemen s ha can en ich he sugges ed amewo k by speci ying he
p io i ies.
Mo eo e , he s udy calls o u he esea ch o examine accessing he amewo k be ween wo
samples o see how en ep eneu s p esen hei idea wi h and wi hou seeing he amewo k o
unde s and i s impac on o ganizing he idea de elopmen p ocess.
33
7. BIBLIOGRAPHY
3BL Media. (2014, Decembe 16). eSp ingTM B and is Fi s o be Ce i ied o All 15 New NSF/ANSI
401 Eme ging Con aminan s. Re ie ed No embe 4, 2021, om
h ps://www.3blmedia.com/news/esp ing m-b and- i s -be-ce i ied-all-15-new-ns ansi-401-
eme ging-con aminan s
Ak e , B., & Iqbal, M. A. (2020). Failu e ac o s o pla o m s a -ups: A sys ema ic li e a u e
e iew. No dic Jou nal o Media Managemen , 1(3), 433-459.
Allen, S. (2019, June 19). Why E e y En ep eneu Needs a Business Men o . The Balance Small
Business. Re ie ed No embe 28, 2021, om h ps://www. hebalancesmb.com/ he- alue-
o -a-business-men o -1200818
Amezcua, A. S., G imes, M. G., B adley, S. W., & Wiklund, J. (2013). O ganiza ional sponso ship and
ounding en i onmen s: A con ingency iew on he su i al o business-incuba ed i ms, 1994–
2007. Academy o Managemen Jou nal, 56(6), 1628-1654.
Ande son, J. C., Na us, J. A., & Van Rossum, W. (2006). Cus ome alue p oposi ions in business
ma ke s. Ha a d Business Re iew, 84(3), 1–8.
A dich ili, A., Ca dozo, R., & Ray, S. (2003). A heo y o en ep eneu ial oppo uni y iden i ica ion and
de elopmen . Jou nal o Business Ven u ing, 18(1), 105–123. h ps://doi.o g/10.1016/S0883-
9026(01)00068-4
A hu aliya, A. (2021, Augus 23). The Easy Guide o Human Resou ce Planning wi h Tools &
Templa es. C ea ely Blog. Re ie ed No embe 3, 2021, om
h ps://c ea ely.com/blog/diag ams/human- esou ce-planning-p ocess- ools/
A iyeh, C. (2021, May 17). Tesla Back acked on Accep ing Bi coin, bu The e A e Ca Deale s Tha
Take I . Ca and D i e . Re ie ed No embe 4, 2021, om
h ps://www.ca andd i e .com/news/a36434628/ esla-bi coin-won -accep /
Au io, E. (2016). En ep eneu ship Suppo in Eu ope : T ends and Challenges o EU Policy Repo
P epa ed o EU DG G ow h. Impe ial College Business School.
h ps://doi.o g/10.13140/RG.2.1.1857.1762
Au io, E., & Rannikko, H. (2016). Re aining winne s : Can policy boos high-g ow h en ep eneu ship ?
Resea ch Policy, 45(1), 42–55. h ps://doi.o g/10.1016/j. espol.2015.06.002
Baldassa e, B., Calab e a, G., Bocken, N. M. P., & Jaskiewicz, T. (2017). B idging sus ainable business
model inno a ion and use -d i en inno a ion: A p ocess o sus ainable alue p oposi ion
design. Jou nal o cleane p oduc ion, 147, 175-186.
Be g, J. M. (2016). Balancing on he C ea i e Highwi e : Fo ecas ing he Success o No el Ideas in
O ganiza ions. Adminis a i e Science Qua e ly, 61(3), 433–468.
h ps://doi.o g/10.1177/0001839216642211
34
Be gek, A., & No man, C. (2008). Incuba o bes p ac ice: A amewo k. Techno a ion, 28(1), 20–28.
h ps://doi.o g/h ps://doi.o g/10.1016/j. echno a ion.2007.07.008
Be y, A. (2021, Ap il 14). Pinky Glo es in en o s slammed o “s igma izing” pe iods. Deu sche
Welle. Re ie ed No embe 3, 2021, om h ps://www.dw.com/en/pinky-glo es-ge man-
eam-slammed- o -s igma izing-pe iods/a-57205271
Blai , C. S., & Mum o d, M. D. (2007). E o s in idea e alua ion: P e e ence o he uno iginal? Jou nal
o C ea i e Beha io , 41(3), 197–222. h ps://doi.o g/10.1002/j.2162-6057.2007. b01288.x
Blohm, I., Riedl, C., Leimeis e , J. M., & Helmu , K. (2011). Idea E alua ion Mechanisms o Collec i e
In elligence in Open Inno a ion Communi ies: Do T ade s Ou pe o m Ra e s ? In P oceedings
o 32nd In e na ional Con e ence on In o ma ion Sys ems.
Bocken, N., & Snihu , Y. (2020). Lean S a up and he business model : Expe imen ing o no el y and
impac . Long Range Planning, 53(4), 101953. h ps://doi.o g/10.1016/j.l p.2019.101953
Bonda enko, A. (2016). How o E alua e You S a up Idea. S o mo ion.
h ps://s o mo ion.io/blog/how- o-e alua e-you -s a up-ideas/#p oblem
Bo zaga, C., Gale a, G., F anchini, B., Chiomen o, S., Nogales, R., & Ca ini, C. (2020, Janua y). SOCIAL
ENTERPRISES AND THEIR ECOSYSTEMS IN EUROPE. Eu opean Commission.
h ps://doi.o g/10.2767/567551
Bo hos, E., Apos olou, D., & Men zas, G. (2008). Idea selec ion and In o ma ion Agg ega ion Ma ke s.
IEMC-Eu ope 2008 - 2008 IEEE In e na ional Enginee ing Managemen Con e ence, Eu ope:
Managing Enginee ing, Technology and Inno a ion o G ow h.
h ps://doi.o g/10.1109/IEMCE.2008.4617974
Bu gess, B. (2019, Oc obe 27). Top 5 Reasons S a ups Fail: S a up S udy Re eals All. PakWi ed.
Re ie ed No embe 6, 2021, om h ps://pakwi ed.com/ op-5- easons-s a ups- ail-s a up-
s udy- e eals/
Byg a e, W. D., & Timmons, J. (1992). Ven u e capi al a he c oss oads. Uni e si y o Illinois a
U bana-Champaign's Academy o En ep eneu ial Leade ship His o ical Resea ch Re e ence in
En ep eneu ship.
Cady, S. H., & Valen ine, J. (1999). Team inno a ion and pe cep ions o conside a ion: Wha
di e ence does di e si y make? Small G oup Resea ch, 30(6), 730–750.
h ps://doi.o g/10.1177/104649649903000604
Ca bona a, M. (2021, May 13). The Top Fi e T ai s O Success ul S a up Founde s. Fo bes. Re ie ed
No embe 6, 2021, om
h ps://www. o bes.com/si es/ o bes inancecouncil/2021/05/13/ he- op- i e- ai s-o -
success ul-s a up- ounde s/?sh=76a0d2cb2546
41
S e ano ić, M, Ma jano ić, D., & Š o ga, M. (2016). MANAGING THE PROCESS OF PREPARATION FOR
PRODUCT DEVELOPMENT - IDEAS ASSESSMENT AND EVALUATION. In DS 84: P oceedings o
he DESIGN 2016 14 h In e na ional Design Con e ence, 1155–1164.
S e ano ić, Milan, Ma jano ić, D., & Š o ga, M. (2016). IDEA ASSESSMENT AND SELECTION IN
PRODUCT INNOVATION – THE EMPIRICAL RESEARCH RESULTS. Technical Gaze e, 23(6), 1707–
1716. h ps://doi.o g/10.17559/TV-20151103120545
Sudek, R. (2006). Angel in es men c i e ia. Jou nal o Small Business S a egy, 17(2), 89–104.
Sukho , A. (2018). The ole o pe cei ed comp ehension in idea e alua ion. C ea i i y and Inno a ion
Managemen , 27(2), 183–195. h ps://doi.o g/10.1111/caim.12262
Sulli an, D. M., Ma el, M. R., & Wol e, M. T. (2021). Wi h a li le help om my iends? How lea ning
ac i i ies and ne wo k ies impac pe o mance o high ech s a ups in incuba o s.
Techno a ion, 101, 102209.
h ps://doi.o g/h ps://doi.o g/10.1016/j. echno a ion.2020.102209
Summe ield, R. (2020, May). The impac o social en ep eneu ship on economic g ow h. Financie
Wo ldwide. Re ie ed No embe 28, 2021, om h ps://www. inancie wo ldwide.com/ he-
impac -o -social-en ep eneu ship-on-economic-g ow h#.YaTsBNDP3D4
Tan, H. T., Ying Wang, E., & Zhou, B. (2014). When he use o posi i e language back i es: The join
e ec o one, eadabili y, and in es o sophis ica ion on ea nings judgmen s. Jou nal o
Accoun ing Resea ch, 52(1), 273–302. h ps://doi.o g/10.1111/1475-679X.12039
Tashakko i, A., & C eswell, J. W. (2007). Explo ing he na u e o esea ch ques ions in mixed me hods
esea ch.
The Impo ance o Business Incuba o s. (2020, Decembe 10). Small Business - Ch on.Com. Re ie ed
No embe 28, 2021, om h ps://smallbusiness.ch on.com/impo ance-business-incuba o s-
34079.h ml
The Top 20 Reasons S a ups Fail. (2019). CB Insigh s. h ps://www.cbinsigh s.com/ esea ch/s a up-
ailu e- easons- op/
Tie ney, R. D. (2016). Fai ness in educa ional assessmen . Encyclopedia o Educa ional Philosophy
and Theo y, 1–6.
Tomy, S., & Pa dede, E. (2018). F om unce ain ies o success ul s a ups: A da a analy ic app oach
o p edic success in echnological en ep eneu ship. Sus ainabili y (Swi ze land), 10(3).
h ps://doi.o g/10.3390/su10030602
UN. (2020, Oc obe ). Wo ld You h Repo . h ps://www.un.o g/de elopmen /desa/you h/wp-
con en /uploads/si es/21/2020/10/WYR2020-Chap e 1.pd

42
Ve haegen, P. A., Vande enne, D., Pee e s, J., & Du lou, J. R. (2013). Re inemen s o he a ie y
me ic o idea e alua ion. Design S udies, 34(2), 243–263.
h ps://doi.o g/10.1016/j.des ud.2012.08.003
Vuong, Q. H. (2016). Impac s o geog aphical loca ions and sociocul u al ai s on he Vie namese
en ep eneu ship. Sp inge Plus, 5(1), 1–19.
Wha a e he six s ages o a s a up? CEMEX Ven u es. (2021, June 22). Re ie ed No embe 16,
2021, om h ps://www.cemex en u es.com/s a up-s ages-phases/.
Wood, M. (2021, Ma ch 17). 39 G een Business Ideas o Sus ainable En ep eneu s. Ne dWalle .
Re ie ed No embe 3, 2021, om h ps://www.ne dwalle .com/a icle/small-
business/sus ainable-business-ideas
Yo ie, D. B., Gawe , A., & Cusumano, M. A. (2019). A S udy o Mo e Than 250 Pla o ms Re eals Why
Mos Fail. Ha a d Business Re iew. h ps://hb .o g/2019/05/a-s udy-o -mo e- han-250-
pla o ms- e eals-why-mos - ail
Yohn, D. L. (2019, May 1). Why S a ups Fail. Fo bes. Re ie ed No embe 6, 2021, om
h ps://www. o bes.com/si es/deniselyohn/2019/05/01/why-s a -ups- ail/?sh=6a5 2a2b28a5
Zack, M. H. (2001). I managing knowledge is he solu ion, hen wha ’s he p oblem? In Knowledge
managemen and business model inno a ion (pp. 16–36). IGI Global.
Zu shi, A., G ilo, A., & Nodehi, T. (2021). The Value P oposi ion o Blockchain Technologies and i s
impac on Digi al Pla o ms. Compu e s & Indus ial Enginee ing, 107187
Page | i