초기 스타트업 투자요인에 대한 연구

[Purpose]This study analyzes the investment factors considered by angel investors and accelerators in early－stage startups, an area relatively underexplored in prior research. Through a survey－based approach, the study examines the criteria these investors prioritize when investing in early－stage startups and provides actionable insights. [Methodology]This research reviewed 14 prior studies on startup investment decision－making to identify six key investment decision factors and 24 detailed measurement items. Based on interviews with experienced investment professionals, a final survey was developed. The data collected from the survey was analyzed using Importance－Performance Analysis(IPA). [Findings]The findings reveal that investors prioritize the founder and founding team as the most critical factor in investment decision－making for early－stage startups. Market factors are crucial at the time of investment but diminish in importance afterward. [Implications]Previous research on investment factors for startups has largely focused on a limited scope. This study expands the field by examining investment factors specific to early－stage startups within their first three years of operation, offering both theoretical and practical implications for investors and practitioners.