University entrepreneurial ecosystems: Start-up founders ‘perspectives on critical factors for student start-up success

Abstract

The aim of this research is to identify and analyze the key elements within university entrepreneurial ecosystems that contribute to the success of student start-ups, based on the perspectives of experienced start-up founders. Through a mixed-methods approach, this research captures the insights of experienced startup founders, particularly those who have achieved measurable success within the digital start-up space in Lithuania. Ten start-up founders are selected based on the proven success of their business models, demonstrated by a consistent revenue stream or significant capital investment. Content validation method and descriptive statistical analysis were applied to survey responses, focusing on central tendency and variability measures to assess the degree of consensus among founders for provided statements. The study highlights the integral role of educators with entrepreneurial backgrounds and the prioritization of practical, hands-on learning experiences over traditional academic methods. A notable divergence from established perceptions is the founders' view on funding, which, contrary to expectations, is not seen as a critical determinant of startup success within university settings. These findings present a compelling case for reorienting entrepreneurial education towards experiential learning and support mechanisms that align with the dynamic requirements of startup culture. They also lay the groundwork for future studies to expand on the multidimensional perspectives of different stakeholders in the student startup ecosystem.

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