Document Type : Original Article


1 Department of Industrial Engineering, Central Tehran Branch, Islamic Azad University, Tehran, Iran

2 Department of Industrial Engineering, Science and Research Branch, Islamic Azad University, Tehran, Iran

3 Faculty of Industrial and System Engineering, Tarbiat Modares University, Tehran, Iran


In order to survive and succeed in today's ever-changing business world, both established organizations and startups must be able to adapt and innovate. A key factor in this is the concept of open innovation, which has revolutionized how organizations acquire knowledge by facilitating collaboration and interaction between different entities. For startups, who are new players in the market, it is crucial to remain constantly vigilant and adaptable in order to thrive. The lean startup methodology has gained popularity as a means to efficiently develop products and businesses. Investment plays a crucial role in the sustainability and growth of startups, and investors assess various factors when making investment decisions. However, previous studies have often analyzed these factors statically, without considering their dynamic interactions over time. This paper aims to explore the dynamics of startup ecosystems and the factors influencing investment deci-sions. It adopts a qualitative research approach, using expert opinions and existing literature to identify and analyze causal loops that impact the willingness to invest in startups. The study constructs a dynamic model that illustrates the relationships and feedback mechanisms among different variables, including learning, synergy, economic factors, financial risk, and startup value. The model reveals that multiple variables influence the willingness to invest, and their interactions create a complex dynamic system. Through scenario analyses, the paper suggests strategies to enhance investment readi-ness and attract investors. These scenarios include increasing cooperation to foster synergy, improving startup value through innovation and efficiency, and managing economic factors and financial risks. Sensitivity analysis demonstrates how changes in variables like cooperation can impact the willingness to invest. The research underscores the importance of understanding the interplay of these factors in a dynamic ecosystem to make informed investment decisions and foster startup success.


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