Valuation Methodologies for Start-ups in Indonesia: A Bibliometric Analysis

The start-up industry in Indonesia is receiving a lot of interest from businessmen, investors, and researchers. Reliable valuation techniques are essential for investors and business owners alike in Indonesia’s dynamic startup ecosystem. This study maps the structure of startup valuation research in the Indonesian setting using bibliometric analysis. It also examines how research subjects have changed over time and evaluates the significance of key studies. This study carefully examines the usual traits of new businesses in Indonesia, concentrating on both financial and non-financial factors. To illustrate the entire strategy adopted, start-up valuations frequently mix quantitative techniques like discounted cash flow (DCF) with qualitative assessments. There are still several calculating components that are not standardized when doing assessments at start-up. Therefore, valuation is more art than science. This bibliometric analysis delivers unique insights into research by syncing and visualizing knowledge networks, helping entrepreneurs, investors, and policy makers to comprehend the existing environment and future direction of startup assessment approaches in Indonesia. It uses co-word analysis to examine this topic’s knowledge structure. As a result, the research finds 163 journal articles related to start-up valuation. In addition, four clusters are found to describe the current state of start-up valuation: start-up, investment, venture capital and discounted cash flow. Keywords: start-ups, Indonesia, valuation, bibliomeric analysis