Ranking Startups Using DEMATEL-ANP-Based Fuzzy PROMETHEE II

Abstract

In entrepreneurship management, the evaluation and selection of startups for acceleration programs, especially technology-based startups, are crucial. This process involves considering numerical and qualitative criteria such as sales, prior startup experience, demand validation, and product maturity. To effectively rank startups based on the varying importance of these criteria, a fuzzy multi-criteria decision-making (MCDM) approach is needed. Although MCDM methods have been successful in handling complex problems, their application in startup selection and evaluating criteria interrelationships from the accelerator perspective is underexplored. To address this gap, a hybrid DEMATEL-ANP-based fuzzy PROMETHEE II model is proposed in this study, facilitating startup ranking and examining interrelationships among factors. The resulting preference values are fuzzy numbers, necessitating a fuzzy ranking method for decision-making. An extension of ranking fuzzy numbers using a spread area-based relative maximizing and minimizing set is suggested to enhance the flexibility of existing ranking MCDM methods. Algorithms, formulas, and a comparative analysis validate the proposed method, while a numerical experiment verifies the viability of the hybrid model. The final ranking of four startup projects is A4<A1<A3<A2 which indicates that startup project A2 has the highest comprehensive potential, followed by startup project A3.