Master of Science in Management

Faculty / School

School of Business Studies (SBS)


Department of Management

Date of Submission

Fall 2023-8-8


Dr. Najam Akbar Ajnum, Assistant Professor, Department of Management

Committee Member 1

Dr. Ashar Saleem, Assistant Professor, Department of Management

Committee Member 2

Kanza Sohail, Lecturer, Department of Management

Project Type

MS Management Research Project

Access Type

Restricted Access


There has been a good amount of venture funding in developing economies to help the emerging talent/entrepreneurs and their startups in serving the people, Venture Capitalists (VCs) have given funding to ease the entrepreneur’s/venture’s goals in excelling in the market, while asking for equity (majorly) and sometimes debt in return. VC funding is a goal of almost all startup founders. In this report, we want to study the importance of VC investment criteria in funding a venture at different stages of a venture's lifecycle. We used the decision-making trial and evaluation laboratory (DEMATEL) Methodology to conduct this research. The results helped determine the importance of the investment criteria at 3 stages (Pre-seed, Seed, and Expansion) of a venture; and how these criteria relate to each other, and we identified their influence on each other. We saw that Entrepreneur’s Experience is rated as the topmost criterion at the Pre-seed stage, Product or Service Characteristics are valued the most at the Seed Stage, and similar importance of Financial Characteristics at the Expansion Stage of a venture. In the case of the most dominating criteria, the Experience of an Entrepreneur is rated on top at both Pre-seed and Expansion Stages, but it is Market Characteristics at Seed Stage. In this report, we also studied which investment criteria influence the other criteria. Further details of findings can be found in the analysis section of this report.

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