2. Literature Review
3. Research Questions and Methodology Development
- RQ1: Can topics of interest for investors in Indian startups be identified from the UGC on Twitter?
- RQ2: What are the sentiments (positive, negative or neutral) of the identified topics about Indian startups, and what is their connection with possible investments?
- RQ3: Can indicators that help investors to invest in Indian startups from UGC in Twitter be identified? Is it possible to divide these indicators into positive, negative and neutral to help investors make better decisions?
3.1. Data Sample
3.2. Sentiment Analysis Process
3.3. Application of LDA Model for Topic-Modeling
3.4. Textual Analysis
4. Analysis of Results
6.1. Theoretical Contributions
6.2. Practical Implications
6.3. Limitations and Future Research
Institutional Review Board Statement
Informed Consent Statement
Conflicts of Interest
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|Au and Kwan ||This study analyzes the development of a startup in Asia and India, with the focus on cultural aspects and their impact on the business ecosystem.||This study revealed the familism value factor interference on the development of new business; therefore, in those countries, entrepreneurs decide to obtain funding from friends and other outsiders.|
|Zhao ||This study explains how to create a startup in India by analyzing real cases and identifying problems and solutions for each specific case.||The study found several interconnecting forces that shape the creation of startups. These forces include culture, country history, economic and social development and the strategic framing of social enterprises.|
|Tan et al. ||This study analyzes the investment to SMEs and startups in India; the UGC in social networks is used for the analysis.||The findings showed that social networks enhance user interactions that generate useful data for an in-depth analysis of SMEs and startups.|
|Chen et al. ||This study analyzes different strategies used by startups to acquire engagement and financing through social media.||This study confirmed that stakeholder’s engagement can be obtained through social media to gain awareness, as well as build brand image or reputation. Additionally, it was found that, due to the limited financial human resources, the management and measurement of social media communications is one of the challenges for startups.|
|Saura et al. ||This study proposes a new methodological approach based on defining the main indicators related to the success of startups (e.g., business angels or investors in startups).||The findings showed how data-mining techniques are helpful for startups to succeed in the analysis of UGC from social networks.|
|Suresh Babu and Sridevi ||This study discussed the main issues and challenges Indian startup has to face the opportunities than India can provide in this business model.||The results showed that Indian startups have to face finance, human resources and sustainable growth issues. However, there are many available opportunities by expanding into other countries.|
|Banudevi and Shiva ||This study reviewed the main difficulties of Indian startups and discussed the financing resources that they used.||This study found funding the major concern for startups and small business. Additionally, the exponential growth of technology was reported to intensify the scarce motivation of investors to invest in those businesses.|
|Anand Verma and Singhal ||This study analyzed the data from Indian startups about investment and funding trends.||The results showed that Indian events, cities and industry verticals play an important role when startups want to acquire funding. Additionally, foreign investors were found to be greater contributors in India.|
|Authors||Type of Research|
|Au and Kwan ||✓|
|Tan et al. ||✓|
|Chen et al. ||✓|
|Saura et al. ||✓|
|Suresh Babu and Sridevi ||✓|
|Banudevi and Shiva ||✓|
|Anand Verma and Singhal ||✓|
|Topic Name||Topic Description||Sentiment|
|Fintech Startups (FS)||The topic composed by Indian startups that develop projects based on the improvement of financial processes using technology and innovation||Positive|
|Innovative Startups (IS)||Characteristics related to startups and their business models based on innovation using technologies||Positive|
|Crowdfunding Startups (CS)||Startups that apply crowdfunding or seek funding through crowdfunding platforms||Positive|
|Indian Hardware (CH)||The characteristics and use of Indian hardware in the technology sector||Negative|
|Startups Funds (SF)||Investment rounds for Indian startups and amount of investment received||Neutral|
|Startups Competitions (SC)||High competition among startups in the Indian ecosystem and the characteristics providing added value||Negative|
|Artificial Intelligence (AI)||The base technology of the Indian startup sector which defines the main developments of models based on artificial intelligence applied by Indian startups||Positive|
|Augmented Reality (AR)||Topic that identifies the importance of augmented reality for the development of Indian startups as a business model and technological innovation||Positive|
|Electronic Commerce (EC)||Business models around startups based on e-commerce models and strategies||Neutral|
|FS||Indian startups that develop projects based on Fintech have established themselves as a safe investment in India.|
Fintech-type startups using artificial intelligence in their projects are linked to large rounds of risk capital injection.
|AI||AI is the technology developed by most Indian startups.|
Indian startups that have more capital injection and impact on social networks have extensively used AI.
|CS||Indian startups that develop models based on crowdfunding are linked to solidarity initiatives and social purposes.|
Digital reputation and brand value of Indian startups that develop models based on crowdfunding are superior to those of other startups.
|AR||AR technology in Indian startups is linked to the impact they produce on changes in user habits and behavior.|
Indian startups link the videogame sector to AR technology, which has an impact on millennials and digital natives.
|IS||The innovation in Indian startups is the factor that determines the added value of their projects.|
Indian startups stand out for their ability to innovate traditional business models.
|SF||The investment in Indian startups during the last 5 years has had an exponential increase worth millions of invested USD.|
Investments in Indian startups are an opportunity for profitability in the medium- and long term.
|EC||Indian startups that develop eCommerce projects focus on logistics protocols and strategies.|
Indian startups that develop eCommerce projects specialize in low-cost shipping and suppliers.
|CH||Startups that develop products containing Indian hardware are linked to medium- or low quality and do not receive large injections of capital.||1.97||261|
|SC||Competition in the Indian startup sector is a hallmark of this ecosystem and is sometimes linked to the prestige of investment programs for obtaining a higher number of investments.||1.51||227|
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