INTRODUCTION
Start-up is a company that has not been operating for a long
time which usually refers to a technology-based company. Ries (2011)
defines a Start-ups as a start-up company designed to find the right business
model for the company to survive in the midst of extreme uncertainty. According
to Hardiansyah and Tricahyono (2019),
Start-ups are designed to find the right business model to generate rapid
growth. The very rapid growth of Start-ups must be balanced with
sustainability, maintaining and increasing the competitive level in order to be
successful. In addition, Start-ups are also required to continue to grow and
look for forms in order to get big profits so that they can help the country's
economy.
The development of Start-ups in Indonesia has been
relatively fast in the last few years. Based on the Global Start-ups Ecosystem
Annual Report in an article published by CNN Indonesia, Indonesia is ranked as
the 3rd most developed Start-ups business in the world. The article states that
Jakarta is in the third position after Mumbai in India and Copenhagen in
Denmark. In addition, Jakarta also managed to achieve the highest position at
the Southeast Asian level, passing Kuala Lumpur, Bangkok, and Manila as the
city with the most developed Start-ups (Samiono & Nurlatifah, 2021).
This change in Start-ups business trends has opened up new
business opportunities as well as requires new entrepreneurs to have better
business and management skills (Kim et al., 2018). Developing a new
business is not as easy as the process of setting it up. According to Hardiansyah and Tricahyono (2019), the Start-ups
failure rate reaches 95%, while according to one Start-ups incubator in Bandung
City, the Start-ups failure rate reaches 62.2%. Kim et al. (2018)
mentions that creating a new business is a process full of difficulties and
failures. Then, Anggara and Anggadwita (2018)
also mentioned that this Start-ups had to go through critical times during the
last five years since the company was founded. During these times, there were
many Start-ups that failed and not a few of them were quite successful. In this
case, Knowledge of the causes of failure is needed to help business people to
develop Start-ups properly. In addition, Start-ups also need to learn from the
success of previous Start-ups as a reference.
In 2016, Indonesia had approximately 2000 Start-ups that
had a fairly high failure ratio (Afdi & Purwanggono, 2018). The data shows
that 75% of developing Start-ups fail. The failure mentioned is caused by the
management of company resources that have not been maximized so that the
company cannot carry out the money cycle properly. Start-ups cannot do the
money cycle well because the products they produce are less innovative and
therefore do not have high market interest. Jesemann (2020)
argues that a technology-based business model is indeed an opportunity for the
industry.
Start-up requires a design in the process of its
establishment or development. This Start-ups design will help Start-ups be able
to compete and survive in the business world. Based on several studies, there
are various Start-ups design factors in developing a business. According to Anggara and Anggadwita (2018), business success
can be linked to ideas, opportunities and business people. Kim et al. (2018)
some of the determinants of Start-ups success are entrepreneurship, innovation,
technology, and the economy. In this case, Kim et al. (2018)
states that innovation is the most
important factor as a determinant of Start-ups success. Start-ups cannot be
separated from technology. As the most important part in Start-ups, technology
requires the industry to build innovative new service products and business
models so that they can compete in the market (Jesemann, 2020). Innovation in
this case is related to the commercialization of ideas owned by Start-ups
actors. This innovation is also not only needed at the beginning of the
establishment of a Start-ups, but also during the Start-ups development period
so that it can follow the trends of the times.
In addition to innovation, other factors that determine
Start-ups success according to Kim et al. (2018)
are entrepreneurship, technology and the economy. Entrepreneurship or
entrepreneurship can affect a person's readiness to survive in the business
world. The important thing in entrepreneurship is the combination of the
cognitive orientation of an entrepreneur and the skills that can lead to
Start-ups success. These skills are related to the ability to lead, the courage
to take risks, and have a high spirit and will. Next is the technology factor
that cannot be separated from Start-ups. In order to achieve success, Start-ups
are required to keep abreast of developments and accept the latest
technologies. The last factor is the economy.
In fact, the problems faced by Start-ups in running their
business are caused by many factors. Based on previous research conducted by Kim et al. (2018)
in Korea, the problems faced by Start-ups companies are not only related to the
lack of creativity of business actors to innovate. Funding issues are also
important for Start-ups success. The number of investors who invest in a
company, the company will be easier to develop and manage the company.
According to Prohorovs et al. (2019), almost all
Start-ups companies face difficulties in the capital withdrawal stage due to
information asymmetry between company founders and potential investors.
The company's success in attracting capital is associated
with organizational and financial aspects owned by the company itself so that
the company's founders succeeded in creating trust in potential investors. If
the organization of a company has poor performance, it can lead to distrust
from outsiders. Good Start-ups human resources are directly proportional to the
interest of investors to invest their capital (Jaya, Ferdiana, & Fauziati, 2017). HR is related to
the quality and creativity of the team in the Start-ups. Thus, based on this
opinion, it can be concluded that in attracting the trust and interest of
potential investors, innovation and creativity are needed by the team within
the company. The success of a Start-ups is the greatest hope for the founders
and the team in it.
Indonesia is currently experiencing Start-ups euphoria as
evidenced by the large number of Start-ups that have been established in the
last few years. To realize the hopes of each of these Start-ups founders, many
accelerators and incubators have been formed in Indonesia. Based on an article
published by Tracxn, there are 54 accelerator and
incubator institutions in Indonesia (Fitri et al., 2021). The number is not
a large number when compared to the large number of Start-ups that exist in
Indonesia. For this reason, the government plays a role in efforts to maximize
the development of Start-ups in Indonesia. These efforts are in the form of
encouragement so that universities can go beyond research results to become
innovative products that can be accepted by the community. Besides that,
One form of collaboration between the government and
universities in creating technology-based Start-ups is the Bandung Techno Park.
Bandung Techno Park (BTP) is the result of a collaboration between the Ministry
of Trade and Telkom University. Initially, the establishment of BTP was
intended to be a forum for innovation for lecturers, students, the general
public and also a business incubator as a place for the community to learn
business (Hasanuddin et al., 2019). Over time, BTP
has succeeded in producing sustainable innovation products, giving birth to Start-ups,
commercializing research products, and carrying out research & business
development.
BTP is a manifestation of Telkom University's seriousness
towards Entrepreneurial University. In addition, this BTP also aims not only to
fulfill what is needed by Telkom University, but BTP has also succeeded in
driving innovation to the national level. This is evidenced by the many
programs that BTP offers to the wider community, such as the incubation
program, WRAP entrepreneurship, and corporate innovation programs. The
existence of BTP as a business incubator is expected to influence the industry
in Indonesia by maximizing the innovation and creativity of new entrepreneurs
in developing their business. However, in reality this business incubator still
has various obstacles and constraints related to human resources, capital,
facilities, market potential and also regulations (Ghina & Sinaryanti, 2021).
The review of previous research is an activity of
reviewing theories, concepts, previous research, and so on as the basis for
this research. In addition, a review of previous research is the basis for the
preparation of research to find out the results of previous researchers as well
as a comparison and description in subsequent research. The previous research
used by researchers are as follows:
A. Research Stages
In conducting qualitative research, researchers need to understand and
recognize the stages of qualitative research so that it can run well.
Figure 1. Research Stages
Source: Sugiyono (2019)
Based on Figure 1, the researcher describes the research process that
begins with working on a research plan, including literature studies and field
studies. The preparation of the research design includes choosing a place or
research location, managing research permits, conducting field observations,
determining informants, preparing research equipment, understanding and
preparing ethics at the time of research.
The background stage of the problem, problem formulation, research
objectives, literature study to data collection techniques, includes an
understanding of the research background, namely about the critical success
factors of startups in Bandung Techno Park. Then
enter the research location and collect data in the field. In this data
collection process, online interviews were carried out through the Zoom meeting
platform to four startup CEOs and one startup expert.
The data processing stage includes the analysis of primary data and
secondary data obtained through observations from online media and field
research based on in-depth interviews with startup
CEOs at Bandung Techno Park. All references obtained both primary and secondary
were collected and revised to obtain data in accordance with the research
objectives. Screening and checking of data is carried out for the basis and
material taken from valid data so that it can be used to understand the context
of the research being studied.
B. Data collection technique
Data collection techniques are the most strategic stages in research
because research has the main goal of obtaining data. In qualitative research
there are four data collection techniques, namely: observation, interview
documentation and triangulation (Sugiyono, 2019). Data collection
techniques in this study include: (1) interviews, (2) documentation, (3)
triangulation.
According to Sugiyono (2019), interviews or interviews are data collection techniques that are based
on self-reports which are at least based on personal knowledge or beliefs. In
this study, the researcher will conduct semi-structured interviews to find more
open problems where the resource person is free to answer questions openly.
There were five resource persons in this study, including: Ridwan as CEO of PT Syncronus, Dedy Chandra Haludin
as CEO of Modiflat, Adi Wisnu
Suandharu as CEO of Socio caster, Rea Qinthara as CEO of Create It and Iwan
Iwut Tritoasmoro as
administrator of the Science Technology Association. Indonesian Park.
According to Moleong (2019), documentation is
used in research as a data source because it can be used to interpret, test,
and even predict. In this study, researchers collected documentation data
through online media articles, taking pictures directly at BTP, and screenshots
of interviews with the five sources which were carried out through the zoom
meeting platform.
According to Farida (2014), triangulation is
a technique of checking the validity of data by utilizing something other than
the data for comparison purposes or checking the data in question. In this
study, researchers used source triangulation where data were collected from
various different sources through the same technique. Source triangulation is a
triangulation process that directs researchers to collect data from various
sources because similar data will be more secure when extracted from different
sources (Farida, 2014). Researchers
triangulated sources by comparing the results of interviews with four CEOs and
a startup expert with various previous research
findings.
C. Data source
In this study, the sources of data to be collected and analysed were
obtained in two ways, namely primary data and secondary data. Primary data or
primary data is the first data obtained by researchers through observation,
in-depth interviews with informants, and field documentation. In this study,
the primary data that will be analysed by researchers is obtained from in-depth
interviews with startups regarding the factors that
determine startup success. Secondary data is
supporting data from primary data. In this study, secondary data were obtained
from literature, journals, and articles where the data could facilitate
researchers in analyzing the primary data obtained.
RESULTS AND DISCUSSION
The data in this study were obtained from in-depth interviews with four
CEOs from several startups namely Magic Order, Modiflat
and Socio Caster and an expert in the startup field. The factor in critical
success includes:
A. Innovation
1. Entrepreneurial Motivation
Referring to Kim et al. (2018)
research, entrepreneurial motivation can be identified through the
philosophy and goals of the business being undertaken. Based on the results of
the interviews, the four CEOs have relatively the same philosophy and business
goals, which are always trying to meet customer and market demands. The purpose
of the business is related to meeting market and customer demands. This has
become a business cycle and axiom where the goal of the founder to establish a
business is to meet market demand. Referring to the results of Kim et al. (2018), entrepreneurial motivation is
the third priority aftermarket oriented and progressive thinking.
Meanwhile, according to Chester et al. (2020), entrepreneurial motivation
leads to the effect of striving for the goals of entrepreneurs. The greater the
motivation possessed by the entrepreneur, the more persistent the entrepreneur
will be to continue to struggle to achieve the goal. In this study, the CEOs as
informants already be motivated in the form of the goal of their business,
namely being able to meet customer and market demands. With this goal in mind,
startup CEOs will continue to strive for various things to meet market and
customer demands. So, like it or not, these startup CEOs will continue to
innovate.
2. Progressive Thinking
Based on Kim et al. (2018), progressive thinking can be
identified through the open and flexible minds of business managers. Progressive
thinking is one of the entrepreneurial mindsets that every startup founder must
have. Entrepreneur mindset or entrepreneurial mindset is a way of thinking that
can help entrepreneurs achieve business success. The success of a business can
be realized if entrepreneurs are able to embrace various challenges, mistakes
and failures so that they can become opportunities to help them succeed in the
future.
Innovation is divided into two, namely
implemental innovation and radical innovation. Implemental innovation is to
improve existing ones in order to produce better products according to market
demand. While radical innovation will actually burden the startup itself
because the cost to innovate certainly costs a lot of money. Based on the
results of the study, to be able to improve the ability to innovate, a learning
process from mistakes made by oneself is needed and then used as learning.
3. Self-Development
Based on Kim et al. (2018), self-development
can be identified through learning activities and team development for business
success. Based on the research results, involving the team to innovate is
mandatory. This is because innovation is the result of teamwork where the
success of innovation is the result of good teamwork and can meet customer
demands on time.
4.
Idea
Commercialization
Based on Kim et al. (2018), the idea of commercialization
can be identified through various efforts to develop new businesses using the
idea of commercialization for business success. The results of the study show
that with all the limitations and uncertainties in startups, market driven is a
savior to find gaps in market needs. Based on these findings, the
commercialization of ideas as a milestone of innovation always leads to market
driven.
5. Market Oriented Opportunity Switch
Based on Kim et al. (2018), market-oriented opportunity
switch is a flexible and easy-to-change business model which is caused by the
development of products and services based on market and customer trends.
Asking for feedback or validation from customers is an effective way to find
out market needs. From the results of the interview, it can be seen that asking
for feedback, criticism, suggestions and input from customers or customers is a
way that startups always do in order to make products or services that are in
accordance with customer or market demands. This effort is in line with Kim et al. (2018) research which states that a startup can
attract consumers but if it is then only able to offer one product
continuously, it will surely fail.
B. Entrepreneurship
1. Entrepreneur's Competency
According to Kim et al. (2018), entrepreneur's competency can
be identified through the ability of entrepreneurs to lead startups to success.
Based on the research results, all informants in this study realized that
entrepreneurial skills are very important for startup success. Based on
research results, starting a startup is creating something in an extreme
position, uncertain, with limited resources. Thus, startups need special
competencies obtained from this entrepreneurship. In addition, startups also
need leadership.
Based on the results of interviews, all
informants in this study realized when entrepreneurship was needed by startups.
Entrepreneurial attitude must be grown and developed. The earlier a person
grows his entrepreneurial character, the more it will help him to be better
prepared to face the opportunities that come or face the business he is
developing.
2. Adventure Tendency
In Kim et al. (2018), adventure tendency is an
offensive attribute of entrepreneurs to take business risks in order to achieve
success. The entrepreneurship challenges faced by startup CEOs are different
and come from various sectors. Regarding the understanding of entrepreneurship,
it must be planted as a mindset. Regarding the market, it is not an obstacle,
but a challenge for every startup. The problem is our capacity or our inability
to meet market demand. Based on the results of the interviews, all of the
informants in this study were classified as having the courage to take risks.
According to one of the informants, being an entrepreneur, itself can also be
categorized as having the courage to take risks.
3. Desire to Accomplish
According to Kim et al. (2018), desire to accomplish can be
known through entrepreneurial willingness to lead their business. based on the
results of interviews, all informants in this study have the will to continue
to meet customer needs. Fulfillment of customer requests is coveted by CEOs
because this is the vision and mission of the business. Businesses must have a
vision and mission. As long as the vision and mission of the business is in
line with the vision and mission of the founders or founders, or let's say
these stakeholders are running it, it will run well.
4. Goal's Orientation
Based on Kim et al. (2018), goal's orientation can be identified
through their goals and willingness to achieve success which can be seen from
their motivation. Based on the research results, the four CEOs as informants
have their own vision and mission in running their business. Every entrepreneur
or CEO must be motivated in the form of a vision and mission where the vision
and mission will clarify the direction and goals of their business. According to
Chester et al. (2020), entrepreneurial
motivation leads to the effect of striving for the goals of entrepreneurs. The
greater the motivation possessed by the entrepreneur, the more persistent the
entrepreneur will be to continue to struggle to achieve the goal. Therefore,
5. Risk Sensitivity
Based on Kim et al. (2018), risk sensitivity can be
identified through the attitude of entrepreneurs in dealing with risk with all
its negative effects for startup success. Each startup leader who became an
informant in this study has a different character. They have their own style
that cannot be forced. There are those who are used to high calculations and
there are also those who are ordinary but dare to take risks. According to Scarborough (2016), an entrepreneur
is a person who creates a new business in the face of risk and uncertainty with
the aim of achieving profit and growth by identifying opportunities and the
required resources. From the opinion of Scarborough (2016), it can be
concluded that the four startup CEOs have tried their best for business success.
This can be seen from the way they create opportunities, try to meet customer
demands and determine the target market. All of the above was done by the CEO
in the midst of uncertainty over the results they received, but they still
dared to do it.
C. Technology
1. Creative Technology utilization
According to Kim et al. (2018), creative technology
utilization can be identified through the acceptance and acknowledgment of new
technology. Based on research results, the essence of running a business is to
create value for customers. If the customer needs value with new technology, it
means that this is his demand. If the customer gets value, it doesn't have to
be with new technology, but with reliable skills from the team, that's what is
needed. It all depends on the value impression. Startup is a business model
that cannot be separated from technology. Because, startups are born as
products of technology itself. A startup's need for technology depends on
delivering value to customers.
2. Technical Knowledge and Craftmanship
Based on Kim et al. (2018), technical knowledge and
craftsman ship can be seen through the way startups respond to sustainable
technological developments and knowledge about when technology is needed by
startups. The results in this study indicate that in responding to sustainable
technological developments, a learning process is needed from a mistake that
has been made before. In addition, it is necessary to upgrade the skills
possessed by the talents. Some startups may be affected to have to implement
the latest technology. But back to fulfilling the value impression on the
customer earlier. The most important thing is the skill to use the technology.
startups do not have to have the latest technology, but the most important
thing is the skill to operate the technology. startups do need technology, but
technology is just a startup supporting element.
3. Intellectual Property Rights Retention
Based on Kim et al. (2018), intellectual property rights
retention can be identified through startup efforts in adopting technology and
understanding why technology is needed by startups. Technology only helps the
development of a business but must still pay attention to the comfort of the
target market. The essence of adopting technology is upgrading the skills of
the technology team. A startup's understanding of its need for technology is
needed so that startups can survive. The failure of startups to adopt the
latest technology is due to financial or capital gaps and the expertise to
operate the latest technology. The findings in this study also emphasize the
team's ability to adopt the latest technology. The latest technology does not
have to be owned by a startup because it can burden the startup's financial
condition.
4. Market Oriented Technology
Based on Kim et al. (2018), market-oriented technology can
be identified through the recognition and acceptance of new technology
developments based on new lifestyle trends and constraints in operating
technology. In this study, some startups may be affected to have to implement
the latest technology. But back to fulfilling the value impression on the
customer. The five informants agreed that technology is not an obstacle for
startups. According to them, the problem is the human resources who manage the
technology.
5. High Technology Globalization
Based on Kim et al. (2018), high technology globalization
can be seen through startup efforts in maximizing intellectual and
technological resources in expanding the market. In this study, the allocation
of intellectual resources can be done by upgrading the skills of the team and
placing the team according to their expertise. The role of technology in
expanding the market can use the internet so that it can be reached by the
wider community.
D. Economy
1. Continuous Investment
According to Kim et al. (2018), continuous investment can be
identified through startup ways to maintain a sustainable contractual
relationship with investors. In this study, the thing that must be done to
maintain a contractual relationship with investors is that all members or the
startup team must try to convince investors regarding business prospects in
which there are ideas, target markets and are able to build good chemistry with
investors. What investors see in general is the business prospects. The
business prospect is constructed from several things, including ideas, teams,
and markets.
2. Venture Capital Utilization
Based on Kim et al. (2018), venture capital utilization
can be identified through the use of startup capital to achieve financial
stability. The results in this study indicate that the efforts made by startups
to achieve financial stability are by utilizing and managing finances in the
wisest and ideal way possible, not being greedy and applying the principle of
mutual trust with the team. Setting up a startup is a professional thing. It is
clear that you should not mix personal finances with company finances.
Regarding the team's involvement in the financial management of startups, it is
technical in nature.
3. Raising Venture Fund
Based on Kim et al. (2018), raising venture funds can be
identified through startup efforts to attract investors. Investor involvement
in startups is an obligation in the startup ecosystem. Investors are useful for
providing funding and skill ups. However, it depends on the type of startup.
Not all startups need investors. The skills of startup founders are the most
important, especially the ability to build a team and lead a business. In
addition, the things that are seen by investors include skills in business
maturation and product development. Thus, the results of this study focus on
startup founders or CEOs to attract investors in the initial phase of startup
establishment.
4. Raising Available Fund
Based on Kim et al. (2018), raising available funds can be
known through how startups manage startup funds for financial risk management.
The findings in this study indicate that startup efforts in financial risk
management can be carried out by separating company finances from personal
finances, managing funds accountably, coordinating and implementing the
principle of mutual trust between the team and CEO.
5. Financial Resources Retention
Based on Kim et al. (2018), financial resource retention
can be known through when funding is needed for startups. Startups need funding
from start to finish. Funding is needed at all times for startups, even from
the initial idea until the product is launched, it requires funding. When a
startup needs funding, then everything will not run ideal.
E. The Most Dominant Determining Factors
for Startup Success
Based on the research results, the most
dominant factor in this study is entrepreneurship which is related to the
characteristics of the founder, and the performance of human resources. In
addition to the most dominant factors in the success of a startup, this
research also produces findings in the form of factors that are the most
difficult for startups to implement. Based on the results of interviews, this
factor is entrepreneurship. The conclusion from the answers of the four
informants is that the success of a startup depends on its human capabilities,
be it the founder, CEO or team in the startup
CONCLUSION
Innovation is one of the startups
needs that must be met so that the startup continues to grow and continues to
be accepted by the market. In practice, the obstacles that are often
encountered in innovating are related to the target market, capital resources,
technology trends, and human resources. Entrepreneurship is one of the concepts
that must be understood and owned by a CEO in order to be able to run his
business well. Based on the research results, the four CEOs have understood and
implemented entrepreneurship well. Technology (technology) is a tool that
cannot be separated from startups. Startups always need technology, but not
necessarily the latest technology. Based on the opinion of the four informants,
technological talent is more needed than the latest technology. Economics
(economy), related to funding including investors and financial management.
Based on the research results, things that need to be considered regarding
funding include how to attract investors, maintain investor contracts and
manage finances wisely.
Based on the results of interviews
and researcher analysis, entrepreneurship is the most important factor in
startup success. The entrepreneurship aspect is related to the characteristics
of the founder, and the performance of human resources. In addition to the most
dominant factors in the success of a startup, this research also produces
findings in the form of factors that are the most difficult for startups to
implement. Based on the results of interviews, this factor is entrepreneurship.
The conclusion from the answers of the four informants is that the success of a
startup depends on its human capabilities, be it the founder, CEO or team in
the startup.
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