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Abstract
Perusahaan startup merupakan perusahaan rintisan yang bergerak di bidang teknologi informasi dan merupakan hasil dari ide kreatif dan brilian dari pendiri bisnis startup. Perkembangan startup dipandang memiliki potensi bisnis yang baik, sehingga mendorong investor untuk menanamkan modal pada bisnis tersebut. Individu yang menanamkan modal secara langsung pada startup disebut sebagai angel investor. Penelitian ini bertujuan untuk mengungkapkan beberapa faktor yang menjadi kriteria pengambilan keputusan investasi angel investor pada bisnis startup. Penelitian ini menggunakan metode survei dengan cara mendistribusikan kuesioner secara tidak langsung kepada para investor yang berinvestasi secara langsung pada bisnis startup. Diperoleh 150 sampel yang dapat diolah dalam penelitian ini. Metode yang digunakan dalam penelitian ini yaitu metode analisis regresi linier berganda. Hasil dari penelitian ini mengungkapkan bahwa faktor karakteristik bisnis startup yang terdiri dari karakteristik pendiri, karakteristik produk, karakteristik pasar, dan karakteristik keuangan berpengaruh secara signifikan terhadap keputusan investasi.
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Copyright (c) 2022 Maharani Sukma Dewi, Kartini
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References
- Ahtila, O.-P. (2014) Business angel investment decision-making criteria Title of thesis Business angel investment decision-making criteria. Aalto University. Tersedia pada: http://epub.lib.aalto.fi/en/ethesis/pdf/13765/hse_ethesis_13765.pdf.
- Aprilyani, R., Budianto, A. and Herlina, N. (2020) “Pengaruh Karakteristik Produk dan Kebijakan Harga Terhadap Minat Beli Konsumen,” Business Management and Entrepreneurship, 2(2), pp. 131–146.
- Callista, G. C. and Kartini, K. (2021) “The Influence of Startup Business Characteristics on Investment Decisions of Business Angels: A Case Study in Indonesia,” Journal of Asian Finance Economics and Business, 8(6), pp. 931–938. doi: 10.13106/jafeb.2021.vol8.no6.0931.
- Christanti, N. and Mahastanti, L. A. (2011) “Faktor-Faktor Yang Dipertimbangkan Investor dalam Melakukan Investasi,” Jurnal Manajemen Teori dan Terapan, 4(3), pp. 37–51. doi: 10.20473/jmtt.v4i3.2424.
- Cox, K. C., Lortie, J. and Gramm, K. (2017) “The Investment Paradox: Why Attractive New Ventures Exhibit Relatively Poor Investment Potential,” International Journal of Entrepreneurial Finance, 19(3), pp. 163–180. doi: 10.1080/13691066.2016.1247982.
- Dat, D. T. (2021) “Investment Selection Criteria of Foreign Angel Investors in Startups in Vietnam,” Proceedings of the International Conference on Emerging Challenges: Business Transformation and Circular Economy (ICECH 2021), 196, pp. 312–319. doi: 10.2991/aebmr.k.211119.030.
- Ding, Z., Sun, S. L. and Au, K. (2014) “Angel Investors’ Selection Criteria: A Comparative Institutional Perspective,” Asia Pacific Journal of Management, 31(3), pp. 705–731. doi: 10.1007/s10490-014-9374-z.
- Dwirachmayuni, P., Idqan, F. and Imam, S. A. (2019) “Factors Affecting Investor Decisions to Invest in Startup: a Case Study of Startup XYZ,” Russian Journal of Agricultural and Socio-Economic Sciences, 5(89), pp. 217–226. doi: 10.18551/rjoas.2019-05.27.
- Gompers, P. A. et al. (2020) “How do venture capitalists make decisions?,” Journal of Financial Economics, 135(1), pp. 169–190. doi: 10.1016/j.jfineco.2019.06.011.
- Indarto and Santoso, D. (2020) “Karakteristik Wirausaha, Karakteristik Usaha dan Lingkungan Usaha Penentu Usaha Mikro Kecil dan Menengah,” Jurnal Riset Ekonomi dan Bisnis, 13(1), pp. 54–69.
- Mason, C., Botelho, T. and Harrison, R. (2016) “The Transformation of the Business Angel Market: Empirical Evidence and Research Implication,” Venture Capital, 18(4), pp. 321–344. doi: 10.1080/13691066.2016.1229470.
- Muharika and Mulyani, S. R. (2019) “Wirausaha Internet Buku Ajar Alternatif,” CV Muharika Rumah Ilmiah. Available at: http://repository.upiyptk.ac.id/2957/1/BUKU AJAR WIRAUSAHA INTERNET_UPI YPTK.pdf.
- Rostamzadeh, R., Ismail, K. and Zavadskas, E. K. (2014) “Multi Criteria Decision Making for Assisting Business Angels in Investments,” Technological and Economic Development of Economy, 20(4), pp. 696–720. doi: 10.3846/20294913.2014.984364.
- Seong, H.-E. and Kim, B.-Y. (2021) “Critical Factors Affecting Venture Capital Investment Decision on Innovative Startups: A Case of South Korea,” International Journal of Management, 12(3), pp. 768–781. doi: 10.34218/IJM.12.3.2021.075.
- Setianto, B. (2020) Kenali Lebih Dekat Angel Investor dan Persiapkan Startup Anda Menuju Sukses. Indonesia: Bumisaka Kurnia.
- Smith, D.J., Mason, C.M. dan Harrison, R.T. (2010) Angel Investment Decision Making as a Learning Process. 10. Glasgow. Tersedia pada: https://www.eban.org/wp-content/uploads/2013/08/Research-paper_Angel-Investment-Decision-Making-as-a-Learning-Process_MasonHarrison.pdf.
- White, B. A. and Dumay, J. (2018) “The Angel Investment Decision: Insights from Australian Business Angels,” Accounting and Finance, 60(3), pp. 3133–3162. doi: 10.1111/acfi.12427.
- Zinecker, M. and Bolf, D. (2015) “Venture Capitalist’s Investment Selection Criteria in Cee Countries and Russia,” Business: Theory and Practice, 16(1), pp. 94–103. doi: 10.3846/btp.2015.441.
References
Ahtila, O.-P. (2014) Business angel investment decision-making criteria Title of thesis Business angel investment decision-making criteria. Aalto University. Tersedia pada: http://epub.lib.aalto.fi/en/ethesis/pdf/13765/hse_ethesis_13765.pdf.
Aprilyani, R., Budianto, A. and Herlina, N. (2020) “Pengaruh Karakteristik Produk dan Kebijakan Harga Terhadap Minat Beli Konsumen,” Business Management and Entrepreneurship, 2(2), pp. 131–146.
Callista, G. C. and Kartini, K. (2021) “The Influence of Startup Business Characteristics on Investment Decisions of Business Angels: A Case Study in Indonesia,” Journal of Asian Finance Economics and Business, 8(6), pp. 931–938. doi: 10.13106/jafeb.2021.vol8.no6.0931.
Christanti, N. and Mahastanti, L. A. (2011) “Faktor-Faktor Yang Dipertimbangkan Investor dalam Melakukan Investasi,” Jurnal Manajemen Teori dan Terapan, 4(3), pp. 37–51. doi: 10.20473/jmtt.v4i3.2424.
Cox, K. C., Lortie, J. and Gramm, K. (2017) “The Investment Paradox: Why Attractive New Ventures Exhibit Relatively Poor Investment Potential,” International Journal of Entrepreneurial Finance, 19(3), pp. 163–180. doi: 10.1080/13691066.2016.1247982.
Dat, D. T. (2021) “Investment Selection Criteria of Foreign Angel Investors in Startups in Vietnam,” Proceedings of the International Conference on Emerging Challenges: Business Transformation and Circular Economy (ICECH 2021), 196, pp. 312–319. doi: 10.2991/aebmr.k.211119.030.
Ding, Z., Sun, S. L. and Au, K. (2014) “Angel Investors’ Selection Criteria: A Comparative Institutional Perspective,” Asia Pacific Journal of Management, 31(3), pp. 705–731. doi: 10.1007/s10490-014-9374-z.
Dwirachmayuni, P., Idqan, F. and Imam, S. A. (2019) “Factors Affecting Investor Decisions to Invest in Startup: a Case Study of Startup XYZ,” Russian Journal of Agricultural and Socio-Economic Sciences, 5(89), pp. 217–226. doi: 10.18551/rjoas.2019-05.27.
Gompers, P. A. et al. (2020) “How do venture capitalists make decisions?,” Journal of Financial Economics, 135(1), pp. 169–190. doi: 10.1016/j.jfineco.2019.06.011.
Indarto and Santoso, D. (2020) “Karakteristik Wirausaha, Karakteristik Usaha dan Lingkungan Usaha Penentu Usaha Mikro Kecil dan Menengah,” Jurnal Riset Ekonomi dan Bisnis, 13(1), pp. 54–69.
Mason, C., Botelho, T. and Harrison, R. (2016) “The Transformation of the Business Angel Market: Empirical Evidence and Research Implication,” Venture Capital, 18(4), pp. 321–344. doi: 10.1080/13691066.2016.1229470.
Muharika and Mulyani, S. R. (2019) “Wirausaha Internet Buku Ajar Alternatif,” CV Muharika Rumah Ilmiah. Available at: http://repository.upiyptk.ac.id/2957/1/BUKU AJAR WIRAUSAHA INTERNET_UPI YPTK.pdf.
Rostamzadeh, R., Ismail, K. and Zavadskas, E. K. (2014) “Multi Criteria Decision Making for Assisting Business Angels in Investments,” Technological and Economic Development of Economy, 20(4), pp. 696–720. doi: 10.3846/20294913.2014.984364.
Seong, H.-E. and Kim, B.-Y. (2021) “Critical Factors Affecting Venture Capital Investment Decision on Innovative Startups: A Case of South Korea,” International Journal of Management, 12(3), pp. 768–781. doi: 10.34218/IJM.12.3.2021.075.
Setianto, B. (2020) Kenali Lebih Dekat Angel Investor dan Persiapkan Startup Anda Menuju Sukses. Indonesia: Bumisaka Kurnia.
Smith, D.J., Mason, C.M. dan Harrison, R.T. (2010) Angel Investment Decision Making as a Learning Process. 10. Glasgow. Tersedia pada: https://www.eban.org/wp-content/uploads/2013/08/Research-paper_Angel-Investment-Decision-Making-as-a-Learning-Process_MasonHarrison.pdf.
White, B. A. and Dumay, J. (2018) “The Angel Investment Decision: Insights from Australian Business Angels,” Accounting and Finance, 60(3), pp. 3133–3162. doi: 10.1111/acfi.12427.
Zinecker, M. and Bolf, D. (2015) “Venture Capitalist’s Investment Selection Criteria in Cee Countries and Russia,” Business: Theory and Practice, 16(1), pp. 94–103. doi: 10.3846/btp.2015.441.