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| Research on Success Factors in Early Stages of Chinese Internet Startups |
| Vu Thi Huyen Nhung,Zhang Wensong |
| (School of Economics and Management,Beijing Jiaotong University, Beijing 100044，China) |
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Abstract We review existing literature on factors affecting success and failure of new technology ventures and expand on existing research with an analysis of 200 Chinese internet companies, 100 of which were representative for successful ventures and 100 of which representative for failed companies? Based on this data we establish a research framework within which we identify and analyze 14 impact factors that are measurable, factual, and can be confirmed by external observers. Evaluation of success factors was done for all 200 companies. We determine the impact and significance of factors by fitting a Logistic regression model to the collected data. Out of the 14 factors, we show 5 to be significant at 95% confidence: Being a first mover and investments by Alibaba, Baidu or Tencent(BAT) are shown to have positive impact whereas having a returnee founder, attempting a first funding round after less than one year of operation and high market fragmentation have a negative impact. The paper closes with a discussion of the significant impact factors and suggestions for startups as well as venture capital firms.
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Received: 17 October 2018
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