The Pathway to Startup Success: A Comprehensive Systematic Review of Critical Factors and the Future Research Agenda in Developed and Emerging Markets

Notwithstanding the benefits derived from successful startup firms in the contemporary entrepreneurial landscape, for many startup firms, the pathway to success is extremely challenging; unfortunately, the failure rate is globally high. The aim of this article is to review empirical contributions regarding startup firms and provide a comprehensive analysis of the factors influencing their success in developed and emerging markets. Following the Preferred Reporting Items for Systematic Reviews and Meta-Analyses (PRISMA) guidelines, a systematic search was undertaken within the Web of Science database, encompassing studies published between 2004 and 2024, which were analyzed. The PRISMA framework is preferred because it stands out from other guidelines due to its transparent and complete reporting and evidence-based recommendations. This work also employed aggregate impact estimation to rank the relative importance of each success factor regarding the success of startups. This article offers a comprehensive analysis of 24 success factors extracted from a systematic review of 48 empirical studies conducted on the subject. We prioritized each success factor according to their relative impact on the success of startup firms. These were classified as personal (entrepreneurial vision and leadership, adaptability, networking), organizational (team building, financial and resource management, innovation, strategy and marketing) and environmental factors (government support and dynamism of political, economic and cultural environment). The findings underscore the importance of a holistic approach that considers both internal and external factors in fostering startup success. However, it is essential to acknowledge that not all factors exert comparable effects on success; certain factors wield a substantial influence, whereas others demonstrate a significant yet lesser impact. Several conclusions and implications for startup founders, government policymakers and startup firm researchers are derived.