| dc.description.abstract | Rapidly growing startup companies in the technology, internet, and digital innovation sectors have become an important pillar in global economic growth, including in Indonesia. Although Indonesia has the highest number of startup companies in the Southeast Asian region, it still lags behind countries such as India. Therefore, it is important to understand the factors that influence the performance of startup companies in Indonesia in order to formulate more effective strategies to support their growth. This study aims to analyze the antecedents that influence the performance of startup companies in Indonesia, focusing on five main variables, namely market orientation, CEO competence, investment interest, product innovation, and business network. The study involved a population of startup companies operating in Indonesia, with a sample size of 278 respondents from a total of 2,419 companies. The data were analyzed using the Structural Equation Modeling (SEM) method to test the causal relationship between the variables studied. The results showed that market orientation has a positive but insignificant effect on investment interest and product innovation. However, market orientation was found to have a positive and significant effect on two other important variables, namely business networks and business performance. This finding suggests that while market orientation can help startup companies develop relationships with business networks, its impact on investment interest and product innovation is not very strong. CEO competencies, which include leadership skills, managerial experience, and strategic vision, were found to have a positive and significant effect on investment interest, product innovation, business network, and business performance. This confirms that the CEO's role is crucial in attracting investors, driving product innovation, expanding business networks, and improving overall firm performance. In addition, investment interest was found to have a positive and significant effect on business performance, which means that an increase in investment interest can contribute to the improvement of startup performance. Meanwhile, although product innovation is considered one of the important factors in enterprise development, this study shows that product innovation has a negative and insignificant effect on business performance. This indicates that product innovation does not always have a direct impact on significant performance improvement in the context of startup companies. This research makes a significant contribution to the development of management and entrepreneurship theory, especially in the context of startup companies in Indonesia. In addition, the results of this study also have practical implications for entrepreneurs and policy makers, who can formulate policies and strategies to improve the performance of startup companies by taking into account factors such as CEO competence, market orientation, and investment interest. | en_US |
