A decision making model for selecting start-up businesses in a government venture capital scheme

Result code in IS VaVaI

<a href="https://www.isvavai.cz/riv?ss=detail&h=RIV%2F70883521%3A28140%2F16%3A43875605" target="_blank" >RIV/70883521:28140/16:43875605 - isvavai.cz</a>

Result on the web

<a href="http://dx.doi.org/10.1108/MD-06-2015-0226" target="_blank" >http://dx.doi.org/10.1108/MD-06-2015-0226</a>

DOI - Digital Object Identifier

<a href="http://dx.doi.org/10.1108/MD-06-2015-0226" target="_blank" >10.1108/MD-06-2015-0226</a>

Result language

angličtina

Original language name

A decision making model for selecting start-up businesses in a government venture capital scheme

Original language description

Purpose - The purpose of this paper is to propose an intuitionistic fuzzy technique for order preference by similarity to ideal solution (TOPSIS) multi-criteria decision making method for the selection of start-up businesses in a government venture capital (GVC) scheme. Most GVC funded start-ups fail or underperform compared to those funded by private VCs due to a number of reasons including lack of transparency and unfairness in the selection process. By its design, the proposed method is able to increase transparency and reduce the influence of bias in GVC start-up selection processes. The proposed method also models uncertainty in the selection criteria using fuzzy set theory that mirrors the natural human decision-making process. Design/methodology/approach - The proposed method first presents a set of criteria relevant to the selection of early stage but high-potential start-ups in a GVC financing scheme. These criteria are then analyzed using the TOPSIS method in an intuitionistic fuzzy environment. The intuitionistic fuzzy weighted averaging Operator is used to aggregate ratings of decision makers. A numerical example of how the proposed method could be used in GVC start-up candidate selection in a highly competitive GVC scheme is provided. Practical implications - As GVC schemes increase around the world, and concerns about failure and underperformance of GVC funded start-ups increase, the proposed method could help bring formalism and ensure the selection of start-ups with high potential for success. Originality/value - The framework designs relevant sets of criteria for a selection problem, demonstrates the use of extended TOPSIS method in intuitionistic fuzzy sets and apply the proposed method in an area that has not been considered before. Additionally, it demonstrates how intuitionistic fuzzy TOPSIS could be carried out in a real decision-making application setting.

Czech name

—

Czech description

—

Type

J_x - Unclassified - Peer-reviewed scientific article (Jimp, Jsc and Jost)

CEP classification

IN - Informatics

OECD FORD branch

—

Project

Result was created during the realization of more than one project. More information in the Projects tab.

Continuities

P - Projekt vyzkumu a vyvoje financovany z verejnych zdroju (s odkazem do CEP)

Publication year

2016

Confidentiality

S - Úplné a pravdivé údaje o projektu nepodléhají ochraně podle zvláštních právních předpisů

Name of the periodical

Management Decision

ISSN

0025-1747

e-ISSN

—

Volume of the periodical

54

Issue of the periodical within the volume

3

Country of publishing house

GB - UNITED KINGDOM

Number of pages

21

Pages from-to

714-734

UT code for WoS article

—

EID of the result in the Scopus database

—