Dini T Alamanda, Agus Rahayu, Disman Disman, Lili A Wibowo
Many studies have focused on startup performance models, but none on early-stage startup performance models in Indonesia. The performance of early-stage startups in Indonesia is essential, considering that Indonesia's startup profile differs from startups in other countries. The difference in startup profiles is likely due to the startup ecosystem that is built according to market signals in Indonesia. This study aims to model the performance of early-stage startups in Indonesia so that they can grow and be sustainable as expected. Sources of performance models derived from various ecosystems are presented to explain the position of the model offered. This research develops a performance model consisting of financial metrics (customer value proposition) and non-financial metrics (profit formula). The implications of this research will benefit startup stakeholders, including investors, government, venture capital, business accelerators, and business incubators, in providing performance assessments that are more relevant to the profile of early-stage startups in Indonesia. © 2026 Elsevier Inc. All rights are reserved, including those for text and data mining, AI training, and similar technologies.
Universitas Garut, Garut, Indonesia; Universitas Pendidikan Indonesia, Bandung, Indonesia
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