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Introduction
Entrepreneurially inclined individuals strive to initiate their own business endeavors. Those possessing the financial means and those equipped with a managerial background or prior experience frequently embark on the path of self-employment. In all likelihood, they will delve into the realm of commerce and assume the roles of founders within their own respective enterprises. These entrepreneurs, spanning the globe, bolster job growth and invigorate the economy by generating new employment opportunities upon their entry into the market. The globalized state of nations, the openness of markets, and the advancement of technologies have all served as catalysts for the establishment of novel enterprises, such as start-ups (Baltrunaite & Sekliuckiene, 2020).
A start-up denotes a nascent company that has conceived a distinctive business concept with the aim of making an immediate impact and conquering the market. Start-ups of considerable value are famously referred to as unicorns, with China and the United States boasting the highest number of such unicorns worldwide (Harshit & Taneja, 2024; Bouaziz & Teffahi, 2023).
Entrepreneurial start-ups, scale-ups, and entrepreneurial employees within large corporations propel economic growth and foster job creation within burgeoning industrial sectors (OECD, 2019). Regarded as a vital source of employment, competition, innovation, and potential, start-up enterprises are recognized as a driving force behind the global economy (van Vuuren & Alemayehu, 2018). Nevertheless, the pursuit of establishing a technology-based start-up carries inherent risks.
Hart and Denison (1987) define technology-based start-ups as"ventures that emphasize the role of research and development in introducing new products or services or as those that place their major strategic emphasis on the exploitation of technology in products, processes, or services". Bhave (1994) observed that the definition of technology-based start-ups has also been extended to encompass small firms that cultivate and introduce new technology with a focus on invention and technological advancements. Technology-based start-ups are regarded as youthful, dynamic organizations that endeavor to disrupt existing markets or create novel ones through an unknown business model.
The founders endeavor to capitalize on the emergence of a product or service for which they perceive a demand. It is imperative to comprehend the essence of technology-driven start-ups. These start-ups, rooted in technology, are characterized as technology-intensive enterprises that establish novel markets through innovative technology, among various types of start-ups (Ahn...