Determinants of New Venture Survival: A Case Study of Startups in Thailand

Abstract

New ventures are a crucial engine of national economic growth. However, the statistics show that only 10% of total new ventures survive more than five years and continue business operations. The high number of failed startups impacts the economic system (e.g., increasing the unemployment rate). Crucially, many articles have pinpointed the antecedent factors of failure and identified those leading to the survival of new firms, but fewer research studies exist in the context of Thailand. There has been a call for future research extending beyond Western countries. Therefore, this study aims to investigate the determinants of new venture survival in Thailand. Through a qualitative research approach, data were collected via online interviews with startup managers, observations, and document analysis. There were 31 participants in this study. The external, internal, and individual determinants consisted of 18 themes affecting new venture survival in Thailand.