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

Kód výsledku v 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>

Výsledek na webu

<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>

Jazyk výsledku

angličtina

Název v původním jazyce

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

Popis výsledku v původním jazyce

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.

Název v anglickém jazyce

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

Popis výsledku anglicky

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.

Druh

J_x - Nezařazeno - Článek v odborném periodiku (Jimp, Jsc a Jost)

CEP obor

IN - Informatika

OECD FORD obor

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Projekt

Výsledek vznikl pri realizaci vícero projektů. Více informací v záložce Projekty.

Návaznosti

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

Rok uplatnění

2016

Kód důvěrnosti údajů

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

Název periodika

Management Decision

ISSN

0025-1747

e-ISSN

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Svazek periodika

54

Číslo periodika v rámci svazku

3

Stát vydavatele periodika

GB - Spojené království Velké Británie a Severního Irska

Počet stran výsledku

21

Strana od-do

714-734

Kód UT WoS článku

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EID výsledku v databázi Scopus

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