Abstract:
In the modern world of today, Information technology as well as other advanced technological developments play a pivotal role in the success of any organisation despite their size. Startups, if successful, will drive the national economy and society to new heights as a number of employment opportunities will be created and as the nation will benefit from an increase in technology-based ventures.
Not all the startup businesses will succeed in their business journey even though they are based on solid ideas. It is important to create a mechanism inside the startup ecosystem to measure and manage the incubation process to make their business journey successful.
Accordingly, this particular research identifies, collects, and analyses empirical findings from technology-based startups as well as industry experts to discuss this issue. The study utilized a qualitative approach to collect data by way of interviews to gain in-depth knowledge and understanding of the concept and challenges of startup business incubation process.
Consequently, in order to investigate the reasons for failure of technology-based startups as well as to uplift their performance and growth, researchers and industry experts hold the view that an effective performance measurement and comprehensive business incubator management solution could support technology entrepreneurs. This support will be in the form or monitoring and controlling the drivers that promote the growth and the success of startups.
The results and findings show of this research prove that an effective and modern performance measurement solutions, based on feasible computerized software, will be immensely beneficial to uplift the growth and success of technology entrepreneurs and startups of Sri Lanka. Furthermore, this study will enable the identification of valuable insights pertaining to performance evaluation when startups evolve into established companies. Accordingly, this particular research identifies, collects, and analyses empirical findings from technology-based startups as well as industry experts to discuss this issue.
