| Abstract [eng] |
The main purpose of this master thesis was to find out factors of startups‘ viability in Lithuania and to prepare recommendations for the ex-ante evaluation of startups. This purpose was reached in three main parts: literature analysis, research methodology, and results. The literature review presents the concept and main characteristics of startups, discusses theories and models that explain the viability of startups, and identifies the primary sources of risks for startups‘ viability. After the literature analysis, the author has prepared a research methodology. The methodology involved statistical analysis and multi-criteria evaluation of startups‘ viability. The study of the dynamics and structure of startups in Lithuania showed that the number of startups in the country had grown rapidly over the past decade. As the number of startups increased, so did the number of employees working in these business entities, and the country's startup ecosystem grew stronger. Vinted, Nord Security, and Wargaming, two of which have unicorn status, are possibly the most viable in this ecosystem. The past decade has seen a shift in investment in startups by field of activity. In 2013 investments in gaming, fashion, and media startups dominated, while in 2022, security and fintech startups received the largest share of investments. After conducting an expert assessment of the significance of the criteria, it was found that the experts tend to consider the product the most significant criterion. Customer and business model weights were a little bit smaller. Calculating startup viability scores saw them to fall in the range of 2.81 to 3.96. This means that all the examined startups have a reserve of viability enhancement. |
