پرويز نامدارفرزانه اقدم

To date, many studies have been conducted to help eva‎luate, select and value startups for venture capital firms, each with different strengths and weaknesses. Choosing an integrated method for eva‎luating and selecting start-up companies has always been one of the goals of venture capitalists, because having a practical and integrated method increases the probability of achieving the desired returns for them. One of the most important issues in the discussion of venture capital is decision-making and choosing investment options between several start-up companies with different criteria. Among the topics that can be used to help with venture capital is the topic of multi-criteria decision-making, which is done by eva‎luating options according to given criteria, collecting eva‎luations, ranking options, and announcing the decision- making results based on it. In real life and investment contexts, decision problems may change over time due to uncontrolled factors, hence the desire to explore dynamic multicriteria decision making (DMCDM). To solve static decision-making problems, in dynamic multi-criteria decision-making, options and criteria are allowed to enter or exit in any optimal period, so they are not limited to fixed choices. Furthermore, previous results will influence current decisions. The following measures have been taken during this research to cover this issue. First, by reviewing the literature, the most important effective criteria in choosing a start-up company have been selected. In the next step, the literature review related to the existing methods for eva‎luating start-up companies has been identified and the multi-criteria decision-making approach has been selected in this research. Intuitionistic Fuzzy Sets have been used to cover the uncertainty in decision making and scoring of start- up companies. In order to increase the quality of decision-making, past time periods have been used to eva‎luate the performance of start-up companies, and the creditability decay model has been used to apply the effect of time periods in the analysis. At the end, a numerical example is provided to explain how to use the model and interpret its outputs.

سرمايه گذاري خطرپذير , تصميم گيري چندمعياره , ارزيابي و ارزش گذاري شركت نوپا , فازي شهودي

Venture Capital , MCDM , eva‎luation and selection of startups , Intuitionistic Fuzzy Sets

Parviz Namdar Farzaneh Aghdam

Ahmad Makui