Journal of Industrial Engineering and Management Studies

Identifying business development challenges in knowledge-based companies (FinTech field)

Document Type : Case Study

Authors

mina isazadeh
Manouchehr Ansari

Aras International Campus, University of Tehran

10.22116/jiems.2025.518843.1600
Abstract
The aim of this study is to identify the challenges involved in the business development of knowledge-based companies active in the FinTech sector. This research is categorized as applied-developmental in terms of its purpose and employs an exploratory mixed-methods approach from a methodological perspective. In the qualitative phase, the grounded theory strategy following Strauss and Corbin’s systematic approach was used for data analysis. Data were collected through semi-structured interviews with 20 experts, including 9 university professors and 11 FinTech managers. Data analysis was conducted using MAXQDA software in three coding stages: open, axial, and selective, resulting in the identification of 625 initial codes and 99 sub-categories. In the next phase, to examine the relationships between the challenges and development strategies, Interpretive Structural Modeling (ISM) was employed. The results indicated that factors such as fostering a culture of adaptability, customer experience strategy, and the improvement of operational and sustainability infrastructures play a key driving role in the development of FinTech businesses. These findings can serve as a foundation for formulating optimal strategies to overcome development barriers in knowledge-based FinTech companies.

Keywords

Business development challenges
Knowledge-based companies
FinTech
Grounded theory
Interpretive Structural Modeling (ISM)
Journal of Industrial Engineering and Management Studies
Volume 12, Issue 2
December 2025
Pages 30-41

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