Abstract
This study explores the phenomenon of startup survival in an incipient entrepreneurship ecosystem. For this purpose, multiple and simultaneous relationships between organizational resources, incubation, and startup survival are validated empirically. The analysis used PLS-SEM on a sample of 119 startups operating in different markets in Peru. The results show that survival is explained directly by a combination of entrepreneurial and organizational capital but indirectly by a chain of causal links. In this way, social capital determines human capital, and human capital also determines entrepreneurial capital. Thus, this study contributes to the literature in management and entrepreneurship with one alternative way to measure a phenomenon of greater complexity to demonstrate the survival of Peruvian startups.
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Notes
- 1.
PLS-SEM was selected as the technique for the study because it is suitable for composite models and formative indicators. More details are provided in the methodological section.
- 2.
Appendix 12.1 shows the summary of theoretical frameworks.
- 3.
Startup Peru Program, from the incubators Jaku and Kaman in Arequipa; Emprende UNACH in Cajamarca; Wichay UC in Junín; UTEC Ventures, Incubadora 1551, Start UPC, USIL Ventures, ACM Ventures, Emprende UP and Bio Incuba in Lima; Negocios S360 and Tufelis in Trujillo; reports generated with Crunch Base.
- 4.
The application of G*Power for the A priori statistical power analysis used a test with the F-statistic for multiple linear regression, considering a statistical power of 0.8 and a probability of error of 0.05 for nine predictors included in the theoretical model, assuming that the minimum effect of being obtained is 0.15. Considering the results of the contrasted model, the post hoc statistical power analysis results in actual statistical power of 0.99.
- 5.
In all tables presented in this section, the variables have been coded to facilitate the reading of the results as follows: HUMCAP = Human Capital; ENTCAP = Entrepreneurial Capital; SURVIV = Survival; SOCCAP = Social Capital; COVID = COVID impact; ECODEV = Ecosystem Development; TRASER = Transversal Service Industry; B2CMAR = B2B Market; ORGCAP = Organizational Capital; INNPRO = Incubation Process; Opo_Ent = Opportunity entrepreneurship; Ent_Exp = Entrepreneurial Experience; Int_Exp = International Exposition; Glo_Vis = Global Vision; Pri_Equ = Private Equity; Pub_Fun = Public Funds; Inv_Ris = Investor Risk; Bre_Poi = Breakeven Point; Sig_Gro = Signs of Growth; Sal_Gro = Sales Growth; Cas_Sto = Cash Stock; Num_Ite = Number of Iterations; Pro_Def = Product Definition; Bus_Mod = Business Model; Net_Pla = Network Planning; Spe_Net = Specialized Networks; Pro_Net = Professional Networks; Ser_Sco = Service Scope; Ser_Lev = Service Level; Ser_Par = Service Participation; Ser_Res = Service Resources.
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Appendices
Appendix 12.1: Summary of Theoretical Frameworks
Theories | |||
|---|---|---|---|
Resource-based theory | Theory of dynamic capabilities | Contingency theory | |
Theoretical foundations | Companies achieve success by possessing VRIO organizational resources that generate competitive advantages (Barney, 1991; Conner, 1991; Wernerfelt, 1984) | Dynamic capabilities enable an organization to adapt, integrate, and reconfigure its skills, resources, and competencies to the needs imposed by an uncertain environment (Teece et al., 1997) | Companies align their structure, processes, and decision-making with responding to the characteristics of the environment to achieve their objectives (Burns & Stalker, 1961; Kast & Rosenzweig, 1973; Lawrence & Lorsch, 1967) |
Relationship to survival | Startups possess or rapidly generate VRIO resources that interact with each other to achieve survival | The dynamic capabilities of startups are the basis for ordinary resources and capabilities to be rapidly transformed to support the changes involved in the experimentation process | The context determines the way startups configure some of their resources |
Factors | |||
Human capital | The founder has a high knowledge and experience level (Wing-Fai, 2019) The founder and his team as valuable early-stage resources (Coleman et al., 2016) The founder seeks opportunities and organizes resources (Alvarez & Busenitz, 2001) The founder's mindset, culture, and leadership The founder's psychological capital (Bockorny & Youssef-Morgan, 2019; Hsu et al., 2014) | ||
Social capital | Exchange of resources through links established within social structures (Davidsson & Honig, 2003; Spender, 2009) The ability to link and maintain formal or informal networks (Bandera & Thomas, 2019) Access to information and other resources (Raz & Gloor, 2007) | • The creation and managing of contact networks (Ramachandran & Ray, 2006) • The nonlinear relationship of dynamic capabilities with survival (Ritter et al., 2018) • Seizing opportunities and consolidation and growth (Teece, 2018) | • Networking as a resource for responding to environmental changes (Zhang et al., 2013) |
Organizational capital | The knowledge the startup manages is appropriate (Hormiga et al., 2011) Scientific discoveries and technological inventions to create value in the startup (Seclen-Luna & Barrutia, 2019) Shared knowledge at the organizational level drives cooperation (Carmona-Lavado et al., 2010) | • Market modeling, product, process, and business model development (Giardino et al., 2014; Teece, 2007) • The evaluation and adaptation of ventures and their technologies in uncertain fields of action (Kerr et al., 2014) • Experimentation as a mechanism for knowledge creation (Schoemaker et al., 2018; Zahra, 2006) | • Operational processes to respond to contingencies that emerge from the context (McDermott et al., 2003; Sahi et al., 2019) |
Entrepreneurial capital | • The money invested in creating or scaling a startup (Robb & Robinson, 2014; Hansen et al., 1999) The various sources of monetary resources are accessed sequentially (Frid, 2014) | • Entrepreneurial capital is the main contingent factor in the startup (Rompho, 2018; Guo et al., 2017) | |
Appendix 12.2: Variables Linked to the Model
Latent variables | Indicator variable | Type | Values |
|---|---|---|---|
Survival | Break-even point | Ordinal | 1. Operating cost covered by the founder's contribution 2. Operating cost covered by venture capital 3. Operating cost covered by sales and investment income from own- or third-party sources 4. Operating cost covered by sales revenues until the start of growth 5. Cost of operations covered by sales revenue |
Survival | Signs of growtha | Ordinal | 1. 01 growth indicator 2. 02 signs of growth 3. 03 signs of growth 4. 04 signs of growth 5. 05 signs of growth 6. 06 signs of growth |
Survival | Annual sales growth (maximum in 3 years) | Ordinal | 1. Less than 5% of 2. From 5 to 20% 3. From 21 to 70% 4. From 71% to 150 5. More than 150% |
Survival | Months of operation | Numeric | Number of months operating as of December 2019 |
Survival | Cash stock | ordinal | 1. No cash in stock 2. The cash stock allows the company to operate for a few days while other income is being earned 3. The cash stock allows to operate for 1 month without sales revenues 4. Cash stock allows operating for more than 1 month without sales revenues 5. Cash stock sustains accelerated startup growth |
Human capital | Academic studies of the founders | Ordinal | Founders with university studies 1. Strongly disagree 2. Disagree 3. Neutral 4. Agreed 5. Totally agree |
Human capital | Professional experience of the founders | Ordinal | Founders with professional experience in the startup sector 1. Strongly disagree 2. Disagree 3. Neutral 4. Agreed 5. Totally agree |
Human capital | Entrepreneurial experience of the founders | Ordinal | Founders created or collaborated in the creation of startups 1. Strongly disagree 2. Disagree 3. Neutral 4. Agreed 5. Totally agree |
Human capital | International Founders Exhibition | Ordinal | Founders with studies or work abroad 1. Strongly disagree 2. Disagree 3. Neutral 4. Agreed 5. Totally agree |
Human capital | Complementarity of founders | Ordinal | Founders with complementary technical and managerial skills 1. Strongly disagree 2. Disagree 3. Neutral 4. Agreed 5. Totally agree |
Human capital | Entrepreneur by opportunity | Ordinal | Startup founded as an investment opportunity 1. Strongly disagree 2. Disagree 3. Neutral 4. Agreed 5. Totally agree |
Human capital | Social entrepreneur | Ordinal | Startup founded to contribute to solving social problems 1. Strongly disagree 2. Disagree 3. Neutral 4. Agreed 5. Totally agree |
Human capital | Entrepreneur by necessity | Ordinal | The startup was founded to obtain a family source of income 1. Strongly disagree 2. Disagree 3. Neutral 4. Agreed 5. Totally agree |
Human capital | Global vision | Ordinal | The startup was founded to be a multi-Latin or international company 1. Strongly disagree 2. Disagree 3. Neutral 4. Agreed 5. Totally agree |
Social capital | Network planning | Ordinal | Founders planned the networks from which they draw resources: 1. Strongly disagree 2. Disagree 3. Neutral 4. Agreed 5. Totally agree |
Social capital | Professional networks | Ordinal | Founders obtained resources from their networks generated in previous works 1. Strongly disagree 2. Disagree 3. Neutral 4. Agreed 5. Totally agree |
Social capital | Family or friendship networks | Ordinal | Founders obtained resources from their family or friends’ networks 1. Strongly disagree 2. Disagree 3. Neutral 4. Agreed 5. Totally agree |
Social capital | Specialized networks | Ordinal | Founders obtained resources from networks formed by affinity with other startups 1. Strongly disagree 2. Disagree 3. Neutral 4. Agreed 5. Totally agree |
Social capital | Number of networks | Ordinal | Founders have been involved in as many networks as possible 1. Strongly disagree 2. Disagree 3. Neutral 4. Agreed 5. Totally agree |
Social capital | Number of alliances | Ordinal | Founders have obtained resources through alliances with consolidated companies 1. Strongly disagree 2. Disagree 3. Neutral 4. Agreed 5. Totally agree |
Entrepreneurial Capital | Founder's contribution | Ordinal | 1. No own investment 2. Less than S/. 1000 3. S/. 1001 to S/. 20 000 4. S/. 20 001 to S/. 50 000 5. S/. 50 001 to S/. 100 000 6. More than S/. 100 000 |
Entrepreneurial capital | Private Equity | Ordinal | 1. No private investment 2. Less than S/. 10 000 3. S/. 10 001 to S/. 50 000 4. S/. 50 001 to S/. 100 000 5. S/. 100 001 to S/. 250 000 6. More than 250,000 |
Entrepreneurial capital | Public funds | Ordinal | 1. No public funds 2. Less than S/. 10 000 3. S/. 10 001 to S/. 50 000 4. S/. 50 001 to S/. 100 000 5. S/. 100 001 to S/. 250 000 6. More than 250,000 |
Entrepreneurial capital | Investor risk | Ordinal | No investment Low risk tolerance Average risk tolerance High risk is tolerance |
Organizational capital | Product definitiona | Ordinal | 1. Copycats 2. Emerging 3. Research |
Organizational capital | Knowledge intensitya | Ordinal | 1. Low-level A 2. Low-level B 3. Low-level C 4. Intermediate level A 5. Medium level B 6. Medium level C 7. High-level A 8. High-level B 9. High-level C |
Organizational capital | Number of iterations | Ordinal | 1. Less than 10 2. From 10 to 20 3. From 21 to 30 4. From 31 to 40 5. More than 40 |
Organizational capital | MVP time | Ordinal | 1. Less than 10 days 2. 10 to 20 days 3. From 21 to 50 days 4. From 51 to 100 days 5. More than 100 days |
Organizational capital | Business model | Ordinal | 1. To be tested 2. Being validated in the initial context 3. Validated in the initial context 4. Being modified by the growth 5. Consolidated |
Incubation process | Incubation process | Nominal | (a) Yes (b) No |
Incubation process | Scope of service | Ordinal | 1. No incubation process 2. One of the defined scopes 3. Two of the defined scopes 4. Three of the defined scopes 5. Four of the defined scopes 6. The five defined scopes |
Incubation process | Level of service | Ordinal | 1. No incubation process 2. Malo 3. Regular 4. Good 5. Very good 6. Excellent |
Incubation process | Participation in the service | Ordinal | 1. No incubation process 2. Never 3. From time to time 4. Approximately half of the time 5. Most of the time 6. Always |
Incubation process | Service resourcesa | Ordinal | 1. No incubation process 2. Weighting level 1 3. Weighting level 2 4. Weighting level 3 5. Weighting level 4 6. Weighting level 5 |
Control variable | Ecosystem developmenta | Nominal | (a) Lima (b) Provinces |
Control variable | Industry typea | Nominal | (a) Cross-cutting services (b) Online sales (c) Specialized |
Control variable | Market type | Nominal | (a) Business to Business (B2B) (b) Business to Consumer (B2C) (c) Consumer to Consumer (C2C) (d) Business to Government (B2G) |
Control variable | COVID effecta | Ordinal | 1. Momentary or total paralysis 2. Risk to business continuity 3. Opportunity to boost business |
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Alvarez-Salazar, J., Seclen-Luna, J.P. (2023). To Survive or not to Survive: Findings from PLS-SEM on the Relationship Between Organizational Resources and Startups’ Survival. In: Latan, H., Hair, Jr., J.F., Noonan, R. (eds) Partial Least Squares Path Modeling. Springer, Cham. https://doi.org/10.1007/978-3-031-37772-3_12
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