Identifying Indonesia Key Successful Startup Factors using Text Network Analysis Dini Turipanam Alamanda (a*), Agus Rahayu (a), Lili Adi Wibowo (a), Grisna Anggadwita (b)
a) Faculty of Economics and Business Education, Universitas Pendidikan Indonesia, Indonesia
*dinialamanda[at]upi.edu
b) School of Economics and Business, Telkom University, Indonesia
Abstract
The Covid-19 pandemic has disrupted many industries but has also fuelled their growth. Many startups in Indonesia, in particular, are benefiting from the changing business environment. The purpose of this study is to explore the key factors that Indonesian startup founders need to consider at the early stage to grow in a very dynamic business environment. The netnography method is used to explore the founders^ activities in the early-stage period. There are six videos of 6 successful Indonesian startup founders who were observed through the Startup Indonesia YouTube channel. Interviews were conducted by interviewers using unstructured questions with open hypothetical types about the founder^s experience in the early-stage period or the first 2-3 years of startup establishment. The data is then analyzed using InfraNodus to identify findings that have the potential to generate new ideas. Network Structure is focused with 0.29 modularity. The type of propagation dynamics is cyclical variability with alpha exponential: 0.56 or medium category. The results show that there are four main topic clusters, including brand management, internet technology, software, and investing. At the same time, the most significant elements consist of product, people, company, and customer. This finding proves that sophisticated technology is not a critical factor in the success of startups in Indonesia, but the quality of products and people. The research implications can be a good reference for prospective startup founders in Indonesia in facing challenging early-stage dynamics.
Keywords: Text analysis- Entrepreneurial mindset- Early-stage startup- Critical success factors
Topic: Strategic Management, Entrepreneurship and Contemporary Issues
