A Thematic Analysis of Literature on the Startup Assessment Criteria: Startup Success Factors Revisited

Assessing early- stage startups is inherently subjective due to limited data and unpredictability, complicating the accurate prediction of their success and suitability for investment. Despite previous research highlighting the influence of entrepreneurial team characteristics, managerial capabilities, and financials on investment decisions, the factors driving startup success are multifaceted requiring a more nuanced understanding. This paper revisits existing literature through a thematic review, synthesizing key success determinants to provide a comprehensive framework for evaluating startups. Findings emphasize the critical role of the entrepreneurial team, market conditions, innovation potential, financials, and strategic readiness in investment decisions. The study proposes a practical classification system to aid funders, incubators, and accelerators in systematically evaluating startups to make more informed investment decisions, and inspire startups in self- assessment and improvement.