Developing a Success Model for Iranian Fintech Startups with a Value-Added Approach to Society

Abstract

Purpose: This study was conducted with the aim of developing a success model for Iranian Fintech startups with a data-based approach. Methodology: The research method of the present study was exploratory mixed in terms of development goal. The statistical population of this research in the qualitative part included theoretical experts (university professors) and experimental experts (founders, managers, investors and consultants of Fintech startups) who were purposefully selected. Sampling was continued until theoretical saturation was achieved and 10 eligible individuals participated in this study. In the quantitative part, the statistical population included the founders, managers, investors and consultants of Fintech startups and sampling was done by simple random sampling, 124 complete questionnaires were obtained from this sample. Data collection tools were semi-structured in the qualitative part of the interview and in the part. The researcher-made questionnaire (2020) with a Likert scale was 5 options. Analysis of research data was performed in qualitative phase with MaxQDA software and in quantitative phase with partial least squares method with Smart PLS software. Findings: The results of the qualitative section showed that the causal factors affecting the success of FinTech Iran startups are strategic thinking, development of internal communication and external interactions, focus on design and proper implementation of marketing mix elements and characteristics of founders and team members. In the quantitative part, the proposed conceptual model was tested and 13 hypotheses were approved and 4 hypotheses were rejected. Conclusion: The approaches in FinTech startups are in line with global changes and the internal environment, and in addition to leading start-ups to gain a competitive advantage, can lead to value creation for the community and small and start-up businesses.