A Risk Assessment Techniques Selection Matrix for Startup Lifecycle Stages

Abstract

Subject. Technology entrepreneurship focuses on creating innovative products which development process is inherently associated with uncertainty and risk. Consequently, this research adopts a systematic approach to analyzing risks emerging across various startup lifecycle stages, with particular emphasis on selecting appropriate risk assessment techniques.
Purpose. To develop a risk assessment techniques selection matrix for startup lifecycle stages.
Methodology. We based our research on a systematic analysis of risks emerging across various startup lifecycle stages, identification of priority risk groups and systematization of corresponding assessment techniques.
Results. The study formulates four criteria for selecting risk assessment techniques (application purpose, data availability, team resources, technological novelty) and systematizes over thirty risk assessment techniques across five startup lifecycle stages, from ideation to complete product.
Conclusions. The obtained results can be integrated into startup selection and support procedures within both public programs (e.g., "Umnik", "Start", "Razvitie") and corporate accelerators or venture funds. The developed risk assessment techniques selection matrix enhances decision-making validity under conditions of uncertainty and risk, while its structure allows to take into account specific features of startup lifecycles. We directed the further research towards industry matrix testing and the development of a digital platform.