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A decision making model for selecting start-up businesses in a government venture capital scheme

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dc.title A decision making model for selecting start-up businesses in a government venture capital scheme en Afful-Dadzie, Eric Afful-Dadzie, Anthony
dc.relation.ispartof Management Decision
dc.identifier.issn 0025-1747 OCLC, Ulrich, Sherpa/RoMEO, JCR 2016
utb.relation.volume 54
utb.relation.issue 3
dc.citation.spage 714
dc.citation.epage 734
dc.type article
dc.language.iso en
dc.publisher Emerald Group Publishing Ltd.
dc.identifier.doi 10.1108/MD-06-2015-0226
dc.subject Decision making en
dc.subject Government venture capital (GVC) en
dc.subject Intuitionistic fuzzy TOPSIS (IFS) en
dc.subject Start-up businesses en
dc.description.abstract Purpose – The purpose of this paper is to propose an intuitionistic fuzzy technique for order preference by similarity to ideal solution (TOPSIS) multi-criteria decision making method for the selection of start-up businesses in a government venture capital (GVC) scheme. Most GVC funded start-ups fail or underperform compared to those funded by private VCs due to a number of reasons including lack of transparency and unfairness in the selection process. By its design, the proposed method is able to increase transparency and reduce the influence of bias in GVC start-up selection processes. The proposed method also models uncertainty in the selection criteria using fuzzy set theory that mirrors the natural human decision-making process. Design/methodology/approach – The proposed method first presents a set of criteria relevant to the selection of early stage but high-potential start-ups in a GVC financing scheme. These criteria are then analyzed using the TOPSIS method in an intuitionistic fuzzy environment. The intuitionistic fuzzy weighted averaging Operator is used to aggregate ratings of decision makers. A numerical example of how the proposed method could be used in GVC start-up candidate selection in a highly competitive GVC scheme is provided. Findings – The methodology adopted increases fairness and transparency in the selection of start-up businesses for fund support in a government-run VC scheme. The criteria set proposed is ideal for selecting start-up businesses in a government controlled VC scheme. The decision-making framework demonstrates how uncertainty in the selection criteria are efficiently modelled with the TOPSIS method. Practical implications – As GVC schemes increase around the world, and concerns about failure and underperformance of GVC funded start-ups increase, the proposed method could help bring formalism and ensure the selection of start-ups with high potential for success. Originality/value – The framework designs relevant sets of criteria for a selection problem, demonstrates the use of extended TOPSIS method in intuitionistic fuzzy sets and apply the proposed method in an area that has not been considered before. Additionally, it demonstrates how intuitionistic fuzzy TOPSIS could be carried out in a real decision-making application setting. © 2016, © Emerald Group Publishing Limited. en
utb.faculty Faculty of Applied Informatics
utb.identifier.rivid RIV/70883521:28140/16:43875605!RIV17-GA0-28140___
utb.identifier.obdid 43876372
utb.identifier.scopus 2-s2.0-84962763159
utb.identifier.wok 000376200400010
utb.source j-scopus 2016-06-22T12:14:39Z 2016-06-22T12:14:39Z
dc.description.sponsorship Grant Agency of the Czech Republic [GACR P103/15/06700S]; project NPU I Ministry of Education of the Czech Republic [MSMT-7778/2014]; European Regional Development Fund under the Project CEBIA-Tech [CZ.1.05/2.1.00/03.0089]; Internal Grant Agency of Tomas Bata University [IGA/FAI/2015/054]
utb.contributor.internalauthor Afful-Dadzie, Eric
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